The United States has asked Pakistan to take the Bilateral Investment Treaty ‘seriously’, as Islamabad plans to bring all domestic stakeholders on board before entering negotiations.
The Russian Federation, which ratified its accession to World Trade Organisation (WTO) a few days ago, may also agree to sign a Preferential Trade Agreement (PTA) or a Free Trade Agreement (FTA) with Pakistan.
The Turkish power firm Karkey Karadeniz Elektrik Uretim (KKEU) has approached the Washington based International Centre for Settlement of Investment Disputes (ICSID) against Pakistan’s water and power ministry and also served a Rs33billion damage notice on the ministry, sources said on Wednesday.
Promotion of trade among SAARC countries is one of the top priorities of the government, said Federal Minister for Finance Senator Mohammad Ishaq Dar talking to Air Chief Marshal Jayalath Weerakkody High Commissioner of Sri Lanka.
A Turkish power generation company has filed a case against the Pakistan government at ICSID for compensation of losses worth 700 million dollars
Tethyan Copper Company (TCC), a joint venture between Canada’s Barrick Gold and Chilean miner Antofagasta, has given up hope of eventually mining Reko Diq, a disputed but promising copper-gold project in Pakistan’s poorest region, Reuters news agency reported on Wednesday.
Chief Executive Officer (CEO) Harvest Tradings Ahmed Jawad has said that to boost the trade with the neighbouring country the government needed to review the Pak-India trade agreement. Talking to INP here on Sunday, Ahmed Jawad said that there was no other option than enhancing trade to normalise the bilateral political and diplomatic relations with India.
The Karachi Chamber of Commerce and Industry has urged that Belgium, being the capital of Europe and centre of European politics and policy making, should support the efforts for signing free trade agreement (FTA) between Pakistan and European Union.
Regional Trade Agreements (RTAs) could be successful if bilateral agreements between the member countries complement them.
Amidst continuing violence plaguing Balochistan, there is now a cause of joy for the Baloch people and the government.
Karachi Chamber of Commerce and Industry (KCCI) urged to explore the opportunities of signing Free Trade Agreement (FTA) between Pakistan and Thailand in view of existing tremendous trading potential. Exchanging views with the Consul General of Thailand Wichai Sirisujin President KCCI Haroon Agar proposed Thai Consulate’s and KCCI’s Halal Food Pavilion in the 10th My-Karachi Exhibition 2013.
Trade and industry in favour of free trade has pleaded with the government to ensure well-defined rules of engagement with Indian government and advised the bureaucracy to do its homework and examine trade factsheet before making any commitment one way or another.
Pakistan’s federal government will develop a model text of Bilateral Investment Treaties (BITs) with the assistance of the Ministry of Law and Justice Division to ensure protection to investment on reciprocity basis.
Earlier last month, a three-member bench of the Supreme Court headed by Chief Justice Iftikhar Chaudhry declared null and void the Reko Diq gold and copper mine agreement, the Chagai Hills Exploration Joint Venture Agreement (CHEJVA), with Tethyan Copper Company (TCC).
The Supreme Court recently declared void and illegal a mining deal for the Reko Diq copper project signed 20 years ago between the Balochistan government and international mining companies.
The South Asia Free Trade Agreement (Safta) appears to be a ‘disaster’ for Pakistan’s agricultural sector and is backed only by the industrial lobby.
It is wonderful that the stance of the government of Balochistan has been upheld by the Supreme Court (SC) of Pakistan. Decision given on 7th January, 2013 by the SC has declared the agreement on Reko Diq signed on July 23, 1993 as void and in conflict with the laws of the country. Tethyan Copper Company Pvt Limited (TCC) also lost its case in the International Centre for Settlement of Investment Disputes (ICSID) on December 13, 2012.
The Most Favoured Nation status to Pakistan could not prove instrumental in increasing agriculture exports to India, observed a report sponsored by the United States Agency for International Development (USAID).
There are several safeguarding measures under WTO regime to save industry even after normalisation of trade with India, as delay in this regard will jeopardise the process of liberalisation of trade between the two neighbours.
Thailand has expressed its intention to sign a Free Trade Agreement with Pakistan to further promote trade and economic relations between the two countries.