Islamabad: Fareena Mazhar, the Secretary of the Board of Investment (BoI), said on Thursday (October 21) that Pakistan intends to renegotiate bilateral investment treaties (BIT) in accordance with a new template prepared by the government, according to news reports.
With the support of the United Nations Conference on Trade and Development, the government is establishing a new framework and changes in this respect (UNCTAD). Secretary Fareena said that bilateral investment treaties (BITs) partners have signed agreements with Pakistan on numerous fronts while speaking at the World Investment Forum’s International Investment Agreements Conference.
Fareena further noted that Pakistan has signed 53 Bilateral Investment Treaties (BITs) with other nations, 32 of which are in effect, five of which have been terminated, and 16 of which have been signed but not yet implemented. The government, with the help of internationally recognised experts and UNCTAD, has designed a new BIT template to preserve sustainable development and improve outcomes for partners.