ISLAMABAD, Sept 29: The technical teams of Pakistan and the United States will formally meet on Thursday in Washington to start negotiations on bilateral investment treaty (BIT).

Pakistan's Commerce Minister, Humayun Akhtar Khan along with official delegation during the first meeting with the US authorities discussed the main features of the BIT, according to an official announcement released to media by commerce ministry here on Wednesday.

Both sides agreed to start formal discussion on the proposed BIT from September 30 to work out the modalities of the agreement. Earlier in the first meeting of the Council of Trade and Investment Framework Agreement (TIFA) held on September 28 discussed issues relating to market access for Pakistani products in the US market.

Pakistan highlighted the importance of market access and economic development in its fight against terrorism. The two sides agreed to continue to work towards strengthening trade ties.

The issue of intellectual property rights was also discussed and the US authorities were informed that a new set-up-Pakistan Intellectual Property Rights Organization (PIPRO) - will be Set up by the end of the year to effectively address the violations of intellectual property rights in Pakistan.

Pakistani delegation led by Commerce Minister also met Robert Zoellick, United States Trade Representative in his office. He appreciated the concern of the Pakistan delegation for greater economic activity through enhanced exports.