Provinces must be consulted on oil deals, says Raza Rabbani
Former Senate chairman Mian Raza Rabbani has criticised the federal government for failing to maintain transparency in finalising an oil exploration deal with the United States, which was publicly revealed through a tweet by the US president on Wednesday night.
In a press statement issued on Thursday, Rabbani said it was 'a sad day for transparency and good governance' when the people of Pakistan had to learn of such an agreement through social media rather than formal government channels.
He reminded the federal government that under Article 172(3) of the Constitution of 1973, the provinces have a 50% ownership stake in all lands, minerals, and resources of value. 'Such deals and projects fall under constitutional provisions and cannot be finalised unilaterally,' he said.
Calling for greater institutional oversight, Rabbani demanded that the government take Parliament into confidence over what he termed 'Western-oriented initiatives.'
He further urged the federal authorities to convene a meeting of the Council of Common Interests (CCI) to engage all provinces in discussions about the oil deal and similar future projects.
US struck a trade deal with Pakistan, US President Donald Trump said on Wednesday, hours after announcing 25% tariffs on imports from India in addition to unspecified "penalty" over New Delhi's purchases of Russian weapons and energy.
Read: Pakistan, US seal trade deal
Trump said that the deal with Pakistan included joint development of the country's "massive" oil reserves. The announcement came as talks continue with other nations, including South Korea, ahead of his self-imposed August 1 deadline.
"We have just concluded a Deal with the Country of Pakistan, whereby Pakistan and the United States will work together on developing their massive Oil Reserves," Trump wrote in post on his social media platform of 'Truth Social'.
Donald J. Trump Truth Social 07.30.25 03:44 AM EST pic.twitter.com/crA6JYsnG6 — Fan Donald J. Trump Posts From Truth Social (@TrumpDailyPosts) July 30, 2025
"We are in the process of choosing the Oil Company that will lead this Partnership. Who knows, maybe they'll be selling Oil to India someday!" the US president wrote in his post, without giving additional details of the deal.
Prime Minister Shehbaz Sharif on Thursday expressed his gratitude to US President Donald Trump for his role in finalising a 'historic' trade agreement between Pakistan and the United States.
'I wish to convey my profound thanks to President Trump for his leadership role in the finalization of the historic US-Pakistan trade agreement, successfully concluded by our two sides in Washington last night,' the prime minister wrote on his X timeline.
I wish to convey my profound thanks to President Trump @realDonaldTrump for his leadership role in finalization of the historic US-Pakistan trade agreement, successfully concluded by our two sides in Washington, last night.
This landmark deal will enhance our growing cooperation… — Shehbaz Sharif (@CMShehbaz) July 31, 2025
He said that the 'landmark' deal would enhance the growing bilateral cooperation to expand the frontiers of an enduring partnership in the days to come.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
an hour ago
- Business Recorder
US government restricts sports visas for transgender women
The U.S. Citizenship and Immigration Services announced on Monday it has updated its immigration policy to restrict visa eligibility for transgender women seeking to compete in women's sports. Under the policy update, USCIS will consider 'the fact that a male athlete has been competing against women' as a negative factor when evaluating visa petitions in categories such as O-1A for extraordinary ability, EB-1 and EB-2 green cards for highly skilled workers, and national interest waivers. 'USCIS is closing the loophole for foreign male athletes whose only chance at winning elite sports is to change their gender identity and leverage their biological advantages against women,' said USCIS spokesperson Matthew Tragesser. 'It's a matter of safety, fairness, respect, and truth that only female athletes receive a visa to come to the U.S. to participate in women's sports.' The move aligns with broader efforts by the administration of U.S. President Donald Trump to regulate transgender participation in athletics and follows similar policies enacted at the state level across the country. Samba project led by Navy transgender woman in the spotlight at Rio Carnival The United States Olympic & Paralympic Committee last month updated its policy to align with an executive order signed earlier this year by Trump barring transgender women from competing in women's sports. Trump signed the 'Keeping Men Out of Women's Sports' order in February, a directive that supporters said will restore fairness but critics argue infringes on the rights of a tiny minority of athletes.
Business Recorder
2 hours ago
- Business Recorder
US tariff of 15% on EU goods is all-inclusive: EU official
BRUSSELS: The 15% tariff that European Union goods face when entering the United States is all-inclusive, incorporating the Most Favoured Nation Rate, unlike some other countries with deals with the U.S., an EU official said on Tuesday. The 15% rate applies to all goods, except for steel, aluminium, the official said. Tariffs on pharmaceuticals and semiconductors are now zero, but if and when they rise as a result of the U.S. 232 investigations, the tariff will be no higher than 15% as well. Trump, EU's von der Leyen to meet on Sunday to clinch trade deal, avert trade war This 15% ceiling also applies to cars and car parts. There are no quotas or limits on cars and car parts.
Business Recorder
3 hours ago
- Business Recorder
China's yuan little changed against US dollar on tariff caution
HONG KONG: China's yuan was little changed against the U.S. dollar on Tuesday following upbeat domestic economic data, as markets remained watchful of trade tensions. China's services activity expanded at its fastest pace in 14 months in July fuelled by stronger demand, including a rise in new export orders. Meanwhile, markets were still watching if Trump will decide to extend a trade truce with China that expires on August 12, or potentially let tariffs shoot back up to triple-digits. 'The key swing factor will be the outcome of the U.S.-China trade negotiations,' analysts at UOB said, adding that they project the USD/CNY rate to reach 7.17 in the fourth quarter of 2025 and 7.10 by the second quarter of 2026. By 0517 GMT, the yuan was 0.03% lower at 7.1820 to the dollar after rebounding from 2-month low in previous session. The offshore yuan traded at 7.184 yuan per dollar, up about 0.01% in Asian trade. The offshore yuan wavered as markets also responded to Trump threatening secondary sanctions against countries purchasing Russian oil including China, with Russia facing an August 8 deadline to reach a Ukraine ceasefire deal, Citi analysts said. Prior to the market opening, the People's Bank of China set the midpoint rate at 7.1366 per dollar, the strongest since November last year and 301 pips firmer than a Reuters' estimate. The spot yuan is allowed to trade up to 2% on either side of the fixed midpoint each day. Based on Tuesday's official guidance, the yuan is allowed to drop as far as 7.2793. The U.S. dollar wavered on Tuesday as the rising odds of Federal Reserve rate cuts weighed on sentiment, while investors assessed the broader economic impact of U.S. tariffs unleashed last week.
