An international tribunal announced that it holds Agility Public Warehousing Company of Kuwait liable to pay the entire costs incurred by Pakistan in defending a claim for more than $650 million filed against it by Agility.
The Board of Investment (BoI) has given final touches to a Bilateral Investment Treaty (BIT) template, which will replace the existing treaties with different countries. Alternative Dispute Resolution (ADR) mediation would be made compulsory.
We have been hearing news of the Pakistan government’s efforts to reach a settlement with the Tethyan Copper Company (TCC) in connection with the Reko Diq matter involving copper and gold reserves worth billions of dollars.
The Board of Investment is working on Pakistan’s own template of a bilateral investment treaty, which will replace the existing treaties with different countries. And all the future ones will be negotiated on the new template.
Pakistan has rejected the United States’ proposed draft of a Bilateral Investment Treaty (BIT) between the two countries, saying the acceptance of the US template would carry ‘dangerous obligations’ for the country.
Canadian miner Gran Colombia Gold has filed a US$700 million lawsuit against Colombia under the Colombian-Canadian free trade agreement after the government ordered the company to cease operations at the El Burro site in Marmato.