A Pakistani delegation led by caretaker Minister for Commerce and Industries, Gohar Ijaz, has successfully finalized the Free Trade Agreement (FTA) and the template of the Bilateral Investment Treaty (BIT) with Gulf Cooperation Council (GCC) countries. During discussions in Saudi Arabia, the delegation secured agreement on three options for investors to decide upon, leaving room for mutual settlement through available forums in case of disputes.
Gohar Ijaz, speaking from Riyadh, highlighted the completion of the GCC FTA and the agreed-upon approach for resolving investment disputes. The GCC has committed to prioritize negotiation and consultation in domestic forums for conflict resolution, with international arbitration being an option only after fair consideration of domestic avenues.
The Federal Cabinet, in a recent meeting, directed the Board of Investment (BoI) to show flexibility in adopting an international dispute settlement mechanism if GCC or international investors disagree with domestic arbitration. This decision followed discussions with GCC countries, including Saudi Arabia and Qatar, advocating for international arbitration in the Bilateral Investment Treaty.
The expo showcased leading entities in the financial sector, emphasizing investor protection. Akif Saeed, SECP Chairman, inaugurated InvestExpo 2023, reiterating the SECP’s commitment to a fair and transparent marketplace. He emphasized the role of a robust capital market in wealth creation and preservation, promoting financial literacy through initiatives like “Jamapunji.”
The expo, held in Islamabad, included insightful awareness sessions by market experts and highlighted safe investment opportunities. Strategic partners, including the Pakistan Stock Exchange, Central Depository Company, and others, played a crucial role in the success of InvestExpo 2023. The event aimed to enhance financial knowledge and encourage safe investment alternatives, contributing to an inclusive financial landscape in Pakistan.
The conclusion of the GCC FTA and progress on the Bilateral Investment Treaty underscore Pakistan’s commitment to fostering economic cooperation with Gulf countries. The official statement also mentioned discussions about the possibility of a joint business forum to further promote trade and investment between Pakistan and the GCC.
