The United States and Pakistan hailed a trade deal on Thursday that Islamabad said would lead to lower tariffs and increased investment, but without specifying the level of tariff to be levied on Pakistani exports.

The United States and Pakistan say they have reached a trade agreement that is expected to allow Washington to help develop Pakistan's largely untapped oil reserves and lower tariffs for the South Asian country.

The US and Pakistan have struck a deal that will result in lower tariffs for the South Asian nation as well as an agreement in which Washington will help develop Islamabad's oil reserves, the two sides said.