Pakistan to Terminate 23 Bilateral Investment Treaties
Pakistan has resolved to cancel 23 bilateral investment treaties (BITs) with other nations in order to avoid international arbitration with foreign corporations over commercial contracts.
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Up to ten cases have been filed by foreign investors in various international arbitral tribunals, exposing Pakistan to billions of dollars in compensation. Nine further bilateral investment agreements exist. However, these nine accords could be dissolved or amended through bilateral negotiations with the respective countries.
Section 9(m) of the Board of Investment Ordinance 2001 requires the Board of Investment (BOI) to negotiate and finalize agreements for the promotion and protection of investments/bilateral investment treaties with other nations. Pakistan has signed 53 BITs with 48 nations to date.
The first bilateral investment treaty (BIT) was signed in 1959 between Pakistan and Germany. However, due to the increasing number of Investor State Dispute Settlement (ISDS) proceedings, the signing of new BITs has decreased and the number of BIT terminations has increased.
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In light of the best practices of emerging nations and stakeholder feedback, the following method was developed for dealing with existing and future BITs/TIPs and commercial contracts between state agencies and foreign investors.
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