International institutions, through high-level backdoor contacts, have agreed to waive off the $1.2 billion penalty Pakistan has to pay to Turkey’s Karkey, senior lawyer Babar Awan said.
The Adviser to Prime Minister on Finance and the Attorney General for Pakistan are meeting with the company’s board.
Australia has refused to offer preferential market access to Pakistan on the grounds that the country has a very limited basket of tradable goods and services.
Pakistan has paid over $100 million to Turkish rental power company Karkey as a penalty out of $800 million, Senator Sherry Rehman has said.
The Senate Special CPEC has opposed setting up CPEC Authority through Presidential Ordinance, arguing that they would not accept any proposal without being presented to Parliament for approval.
China, he said, had never pursued a trade surplus and the trade imbalance with India was “largely the result of differences in their industrial structures.
The government is set to launch 13 mega projects across the country in an effort to give a fresh boost to the agriculture sector with assistance from China.
Pakistan government is going to challenge the verdicts of International Centre for Settlement of Investment Disputes (ICSID), said Minister for Power Division.
For defence minister Rajnath Singh, the immediate tasks at hand include blocking Korean funds from flowing into Pakistan.
The Reko Diq mine case shows the overreach of a secretive arbitration system.
Enhanced access for products of Pakistan’s export interest, particularly textile and clothing, to the United States market has been a long-standing demand of both the government and private sector.
Tethyan Copper Company (TCC) has approached a court in the United States for enforcement of US$6 billion penalty imposed on Pakistan
Pakistan Secretary Commerce, Sardar Ahmad Nawaz Sukhera emphasized on the need of positive consideration from Australian side regarding Pakistan’s request for preferential treatment through Preferential or Free Trade agreement (FTA).
It is astounding that the Supreme Court judgment is being criticised due to an unfair award by the ICSID tribunal against Pakistan when that judgment is completely defensible.
Pakistan has suffered at the hands of an unaccountable and defective dispute resolution mechanism at the hands of the ICSID, and following the examples of India, South Africa and Brazil, should never have become a part of the ICSID.
The recently signed second phase of FTA between China and Pakistan yields a splendid opportunity for the two nations.
Abolishing ISDS won’t solve all of the problems of global economic governance. But it seems a very good place to start.
Pakistan will seek engagement with the United States in the economic and trade arena, while emphasizing the need for early convening of the next round of Trade and Investment Framework Agreement (TIFA).
This is a story of the dodgy deal by a multi national company and then earning massive amount of money through a World Bank institution acting against developing countries.
In the Reko Diq case registered by Tethyan Copper Company, the dollar-starved Pakistan has been slapped a penalty way beyond its reach by the World Bank-sponsored ICSID.