‘Pakistan to renegotiate all bilateral investment treaties’

Published October 22, 2021
Pakistan has developed the new BIT template to allow and protect the genuine and sustainable investments in the country. — Reuters/File
Pakistan has developed the new BIT template to allow and protect the genuine and sustainable investments in the country. — Reuters/File

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

Opinion

Editorial

Dangerous law
Updated 17 May, 2024

Dangerous law

It must remember that the same law can be weaponised against it one day, just as Peca was when the PTI took power.
Uncalled for pressure
17 May, 2024

Uncalled for pressure

THE recent press conferences by Senators Faisal Vawda and Talal Chaudhry, where they demanded evidence from judges...
KP tussle
17 May, 2024

KP tussle

THE growing war of words between KP Chief Minister Ali Amin Gandapur and Governor Faisal Karim Kundi is affecting...
Dubai properties
Updated 16 May, 2024

Dubai properties

It is hoped that any investigation that is conducted will be fair and that no wrongdoing will be excused.
In good faith
16 May, 2024

In good faith

THE ‘P’ in PTI might as well stand for perplexing. After a constant yo-yoing around holding talks, the PTI has...
CTDs’ shortcomings
16 May, 2024

CTDs’ shortcomings

WHILE threats from terrorist groups need to be countered on the battlefield through military means, long-term ...