US and Pakistan in talks for investment treaty

ISLAMABAD - The United States and Pakistan would initiate talks for signing a bilateral investment treaty to facilitate the activities of investors in both the countries.

By From A Correspondent

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Published: Wed 18 Feb 2004, 12:01 PM

Last updated: Wed 1 Apr 2015, 11:54 PM

US Trade Representative,(USTR), Robert B. Zoellick, and Commerce Minister, Humayun Akhtar Khan told a news conference that said that new negotiations over the issue were expected to start in April next.

Mr. Zoellick said Islamabad would soon receive a draft agreement from Washington, which would be discussed at length with all relevant stakeholders. This, sources said, would be different from the already existing Trade and Investment Facilitation Agreement(TIFA) signed between the two countries last year.

Mr. Khan said that the two countries also agreed to work together for the success of the Doha Development Agenda.

The US Trade Representative stated that he was consulting with some important countries on how to revive the Doha Development Agenda.

Pakistan was a natural choice in this regard since this country enjoys a great deal of respect in the WTO, both amongst developing and developed Countries, he added.

He had, therefore, considered it necessary to contact Pakistan's minister of commerce, Humayun Akhter Khan and seek his counsel on what would be the best way to move the process forward.

He went on to add that the US and Pakistan had a number of common interests in the current negotiations. Both countries, for instance, regarded negotiations on agriculture as central and crucial and feel that the future of the World Trading System can be best served by the elimination of trade distorting subsidies being given mostly by developed countries.

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