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Pakistan
The Ministry of Water and Power has approached the Washington-based International Centre for Settlement of Investment Disputes (ICSID) and challenged the jurisdiction of a tribunal which has been hearing a damage suit worth $334 million sought by a Turkish power firm, Karkey Karadeniz Elektrik Uretim (KKEU), against Pakistan.
President Mamnoon Hussain on Tuesday urged the need for transforming the traditional close and cordial relationship between Pakistan and Republic of Korea into a substantive trade and economic partnership to the mutual benefit of the peoples of the two countries. The President stated this during his meeting with Chung Hong-won, Prime Minister of the Republic of Korea here at the Presidency.
Prime Minister Nawaz Sharif said Monday that Pakistan sought a free trade agreement with South Korea, DawnNews reported.
The United States and Pakistan have held initial discussions on a joint plan to expand trade and investment flows over the next five years, says a statement issued on Thursday.
Pakistan and Bahrain will sign Bilateral Investment Treaty (BIT) in addition to other pacts during the visit of King of Bahrain Hamad Bin Isa Al-Khalifa, official sources told Business Recorder.
The government of Pakistan is revisiting all the FTAs and PTAs as there is a growing realisation among policymakers that they had been poorly negotiated and were now causing injury to the domestic industry, official sources said on Tuesday.
Pakistan has sought a 20-day extension to file its reply to the International Centre for Settlement of Investment Disputes (ICSID) against a damage claim of $2.1 billion filed by Turkish firm M/s Karkey Karadeniz Elektrik Uretim. The sources said Pakistan had to submit its reply to the international body by February 28, 2014 but it was delayed due to a change in legal firm.
Punjab’s farmers forged an alliance on Thursday to resist any move to allow free trade with India in agricultural products from Wagah-Attari land route, claiming that such a decision would destroy country’s agriculture and throw its growers out of business.
The United States has conveyed to the Pakistan Muslim League government that future negotiations on Bilateral Investment Treaty will be held on the basis of a new template as the old template lapsed in 2012.
Karkey Karadeniz Electricity Production Corporation (Karkey) has filed a memorial to the World Bank’s International Centre for Investment Disputes (ICSID) claiming $2.1 billion damages against government of Pakistan.
Malaysia and Pakistan will review the free trade agreement (FTA) between both countries by month-end, says International Trade and Industry Minister Datuk Seri Mustapa Mohamed.
Sri Lanka’s second largest trade partner in SAARC, Pakistan, is hungry for more Lankan exports in the coming year-while also closely looking at Sri Lanka’s sugar sector for entry.
Mauritius is keen to develop economic relations with Pakistan and enter into a free-trade agreement (FTA) to tap the bilateral trade potential, Mauritius Deputy Prime Minister Dr Ahmad Rashid Beebeejaun said on Saturday.
A shareholder from the United Kingdom of the company Progas Pakistan has initiated international arbitration proceedings of $573 million against Pakistan for alleged expropriation of its LPG infrastructure in Karachi and the government has decided to vigorously contest the case.
No assurance was given by the Pakistan government on Tuesday for granting India the Most Favoured Nation trade status, almost a year after it missed the deadline to do so in order to normalise bilateral trading relations.
The federal government, which is facing financial crisis and seeking loans from IMF and other financial institutes, is willing to pay Rs90 million to a Pakistani law firm to plead its case in an international court.
Pakistan has landed in hot waters following the provisional decision of ICSID (international court for settlement of investment disputes) announced on October 16 which says that government of Pakistan should allow the Karkey’s vessel based power generation unit to move from Karachi port, as Supreme Court’s verdict is quite vivid that says that unless and until Karkey gives $ 128 million to Pakistan it cannot be allowed to leave the port, Pakistan Observer has learnt reliably.
Giving official reaction to the claim of Turkish firm Karkey Karadeniz ElektrikUretim regarding release of a power vessel, a senior official in the Attorney General’s office on Tuesday said that the World Bank-affiliated International Centre for Settlement of Investment Disputes (ICSID) had rejected Turkish company’s Rental Power Project (RPP) Karkey claim against Pakistan.
Indonesia and Pakistan have agreed to formally activate the Preferential Trade Agreement with effect from September 1 (Sunday), ensuring greater market access to their products.
Keen to attract direct foreign capital, the government of Pakistan has evolved a ‘model template’ that would serve as the basis for negotiations for future bilateral investment treaties.
