Tethyan Copper Company (TCC) has approached a court in the United States for enforcement of US$6 billion penalty imposed on Pakistan
Pakistan Secretary Commerce, Sardar Ahmad Nawaz Sukhera emphasized on the need of positive consideration from Australian side regarding Pakistan’s request for preferential treatment through Preferential or Free Trade agreement (FTA).
It is astounding that the Supreme Court judgment is being criticised due to an unfair award by the ICSID tribunal against Pakistan when that judgment is completely defensible.
Pakistan has suffered at the hands of an unaccountable and defective dispute resolution mechanism at the hands of the ICSID, and following the examples of India, South Africa and Brazil, should never have become a part of the ICSID.
The recently signed second phase of FTA between China and Pakistan yields a splendid opportunity for the two nations.
Abolishing ISDS won’t solve all of the problems of global economic governance. But it seems a very good place to start.
Pakistan will seek engagement with the United States in the economic and trade arena, while emphasizing the need for early convening of the next round of Trade and Investment Framework Agreement (TIFA).
This is a story of the dodgy deal by a multi national company and then earning massive amount of money through a World Bank institution acting against developing countries.
In the Reko Diq case registered by Tethyan Copper Company, the dollar-starved Pakistan has been slapped a penalty way beyond its reach by the World Bank-sponsored ICSID.
Indonesian Ambassador to Pakistan stressed the need for enhancing bilateral relations with Pakistan, particularly in the fields of trade, culture, education and people-to-people contacts.
The Pakistan government has decided to challenge the award ICSID award that includes $4.08 billion penalty and $1.87 billion interest.
The International Center for Settlement of Investment Disputes (ICSID) of World Bank has rendered almost $6 billion (Rs950 billion) award against Pakistan in Reko Diq case.
A high level Iranian delegation is reaching Islamabad on a two day visit to attend Pak-Iran Joint Trade Committee and discuss three proposals for trade with Iran.
Pakistan and Indonesia are set to hold talks over the conversion of Preferential Trade Agreement (PTA) to Free Trade Agreement (FTA) next month, as the respective ministries have started their homework in this regard.
The new tax measures being agreed with the International Monetary Fund (IMF) coupled with the negative impact of China-Pakistan Free Trade Agreement-II (CPFTA-II) are likely to hit the country’s already poorly performing manufacturing sector.
Brazilian Ambassador to Pakistan said Pakistan and Brazil were working on free trade agreement which would turn the region into a hub for the Brazilian traders and investors.
The second phase of free trade agreement (FTA) with China was not going to be easy as no market research was conducted before finalising the agreement.
Pakistan has sought an intensified engagement with the US in the economic and trade cooperation, emphasising the need for early convening of next round of Trade and Investment Framework Agreement (TIFA).
Thailand has forwarded a list of 100 products to Pakistan to include in the proposed free trade agreement (FTA) with the South East Asian country.
Pakistan and China on Sunday signed the second phase of the Free Trade Agreement (FTA) to further enhance bilateral trade between the two countries.