US to substantially increase trade with India, Pakistan after ceasefire: Donald Trump

US President Donald Trump announced Sunday that the United States will substantially boost trade with India and Pakistan following their agreement to a ceasefire, halting a dangerous escalation of military conflict between the nuclear-armed neighbours.

“I am very proud of the strong and unwaveringly powerful leadership of India and Pakistan for having the strength, wisdom, and fortitude to fully know and understand that it was time to stop the current aggression that could have lead to to the death and destruction of so many, and so much,” Trump posted on Truth Social.

"While not even discussed, I am going to increase trade, substantially, with both of these great Nations."

The ceasefire, described as "full and immediate" by Trump in a previous Truth Social post, came hours after India and Pakistan exchanged attacks on each other’s military facilities.

The announcement by Trump came after Rubio spoke to External Affairs Minister S Jaishankar, Pakistan Foreign Minister Ishaq Dar and Pakistan Army chief Gen Asim Munir.

Rubio, in a statement, praised Modi and Sharif for their “wisdom, prudence, and statesmanship in choosing the path of peace.”

He confirmed that India and Pakistan agreed to the ceasefire and would “start talks on a broad set of issues at a neutral site.”

Foreign Secretary Vikram Misri said that India and Pakistan agreed to stop all firings and military action on land, air and sea with effect from 5 pm on Saturday after Pakistan's directors general of military operations (DGMO) called Indian counterpart.

"It was agreed between them that both sides would stop all firing and military action on land, and in the air and sea, with effect from 1700 hours IST Saturday," he said.

"Instructions have been given on both sides to give effect to this understanding. The DGMOs will talk again on May 12 at 1200 hours," he added.

Tensions had spiked after India conducted precision strikes on terror launchpads in Pakistan and Pakistan-occupied Kashmir on Wednesday, in response to an April 22 attack in Pahalgam with cross-border links.

Pakistan retaliated with drone attacks targeting 26 locations in India on Friday, though defence ministry said attempts to hit vital installations, including airports, were thwarted. On Thursday, Indian air defences intercepted eight Pakistani missiles aimed at border areas, including Jammu airport.

Pakistan’s Airports Authority announced the reopening of its airspace for normal flight operations, which had been disrupted during the conflict.