ISLAMABAD, May 12: Pakistan and the United States on Thursday agreed to hold fourth round of negotiation on the draft of the proposed bilateral investment treaty (BIT) in Washington mostly likely in July. An official source told Dawn that the representatives of both sides have discussed the key element of the drafts but developed consensus on some of the articles of the proposed treaty.

The two sides had already held first round in Washington and the second in London to develop consensus on the draft. According to a joint statement issued after the meeting, the delegations discussed in depth key elements of the agreement, including the investments to be covered, the commitments to be undertaken by both sides, and dispute settlement procedures.

The two delegations continued to make progress in expanding those areas where they share a common view. The negotiating teams agreed to maintain communications to work on outstanding issues and to meet for another round of negotiations in Washington this summer, added the statement.

Officials from the Department of State and the Office of the US Trade Representative led the US delegation. The Secretary of the Pakistani Board of Investment headed the Pakistani delegation.