ISLAMABAD: Pakistan will renegotiate all bilateral investment treaties (BITs) on the basis of new BIT template being finalised by the government, a top official of the Board of Investment said.

Speaking at the ‘Inter­national Investment Agreement’ Conference of the World Investment Forum being held virtually, BoI secretary Fareena Mazhar shared that a positive initial response has been received from the BIT partners.

The BoI is working on reforming the overall investment policy and legal framework, for which the UN Conference on Trade and Development (UNCTAD) has agreed to assist Pakistan, she added.

According to available data, Pakistan has signed 53 BITs with different countries. Out of these, 32 BITs are in force; five have been terminated while 16 were signed but are not in force.

Pakistan, with the assistance of UNCTAD and other local and international experts of repute, has developed the new BIT template to allow and protect the genuine and sustainable investments in the country, she said.

“Presently, governments around the world are facing pressing and controversial questions relating to their BITs and are re-thinking their approaches to those agreements as BITs have not been as instrumental in attracting the much-needed FDI as a result unilateral terminations are taking place,” Ms Mazhar said.

Published in Dawn, October 22nd, 2021