The government of Turkmenistan has won $500 million claim brought before the International Centre for Settlement of Investment Disputes by a Turkish construction company.
Pakistan is looking to intensify trade with neighbor Afghanistan and countries in Central Asia, as it looks to diversify commerce beyond the top players, the nation’s trade adviser said.
Trade officials in the meeting of the US-Central Asia Trade and Investment Framework Agreement (TIFA) discussed the importance of digital trade for achieving broad-based inclusive economic growth and innovation.
Following a decision of the United Nations Human Rights Committee (“UNHRC“) in 2010 that a Turkish businessman had suffered violations of his human rights after being illegally convicted of economic crimes, a claim for compensation is now being pursued under the Turkey-Turkmenistan bilateral investment treaty (“BIT“). This case therefore highlights the interesting interaction between the human rights and investment protection regimes.
The government of Turkmenistan faces legal action from twenty Turkish construction firms over broken contracts costing them more than $1 billion in losses, a spokesman representing the companies said on Wednesday.
U.S. Trade Representative Robert B. Zoellick and representatives from the five Central Asian countries, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan, signed a Trade and Investment Framework Agreement (TIFA) today that will provide a forum to address trade issues and will help enhance trade and investment between the United States and Central Asia.