{"id":8562,"date":"2021-10-07T08:38:53","date_gmt":"2021-10-07T13:38:53","guid":{"rendered":"https:\/\/cf.iisd.net\/itn\/?p=8562"},"modified":"2024-08-09T18:31:56","modified_gmt":"2024-08-09T16:31:56","slug":"pakistan-terminates-23-bits","status":"publish","type":"post","link":"https:\/\/www.iisd.org\/itn\/2021\/10\/07\/pakistan-terminates-23-bits\/","title":{"rendered":"Pakistan terminates 23 BITs"},"content":{"rendered":"<p>The government of Pakistan has <a href=\"https:\/\/tribune.com.pk\/story\/2313937\/pakistan-to-terminate-23-bilateral-investment-treaties\">reportedly<\/a> resolved to <a href=\"https:\/\/tribune.com.pk\/story\/2313937\/pakistan-to-terminate-23-bilateral-investment-treaties\">terminate 23 of the country\u2019s 48 BITs<\/a> that have completed their initial duration. Additionally, the country will not ratify 16 BITs that have been signed but have yet to enter into force.<\/p>\n<p><a href=\"http:\/\/aftinet.org.au\/cms\/node\/2044\">Pakistan is currently facing 10 <span class='tooltipsall tooltipsincontent classtoolTips43'>ISDS<\/span> cases<\/a> in several international arbitration forums. Recent losses have proved costly; for example, in 2019, an <span class='tooltipsall tooltipsincontent classtoolTips18'>ICSID<\/span> tribunal awarded the Australian mining company Tethyan Copper Company USD 5.8 billion in a claim against the state.<\/p>\n<p>Well-known for signing the first <span class='tooltipsall tooltipsincontent classtoolTips63'>BIT<\/span> with Germany in 1959, Pakistan decided to review the entire BIT situation in 2013, developing a new BIT model. Problematic clauses in the BITs, <a href=\"https:\/\/tribune.com.pk\/story\/2313937\/pakistan-to-terminate-23-bilateral-investment-treaties\">according to the government<\/a>, included indirect expropriation, <span class='tooltipsall tooltipsincontent classtoolTips69'>FET<\/span>, national treatment, and <span class='tooltipsall tooltipsincontent classtoolTips75'>MFN<\/span>.<\/p>\n<p>For the remaining nine ratified BITs that cannot be unilaterally terminated at present, Pakistan will ask its treaty partners to sign a Joint Interpretation Protocol to mitigate the harmful effects or to amend the provisions for ISDS, FET, and expropriation.<!--more--><\/p>\n<script type=\"text\/javascript\"> toolTips('.classtoolTips18','International Centre for Settlement of Investment Disputes'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips43','investor\u2013state dispute settlement'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips58','soluci\u00f3n de controversias inversionista-Estado'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips63','Bilateral investment treaty'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips67','Energy Charter Treaty'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips69','fair and equitable treatment'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips72','Investment Court System'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips75','most-favoured nation'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips100','investissement direct \u00e9tranger'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips104','responsabilit\u00e9 sociale des entreprises'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips110','inversi\u00f3n extranjera directa'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips116','European Commission'); <\/script>","protected":false},"excerpt":{"rendered":"<p>The government of Pakistan has reportedly resolved to terminate 23 of the country\u2019s 48 BITs that have completed their initial duration. Additionally, the country will not ratify 16 BITs that have been signed but have yet to enter into force.<script type=\"text\/javascript\"> toolTips('.classtoolTips63','Bilateral investment treaty'); <\/script><\/p>\n","protected":false},"author":26,"featured_media":15869,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[397],"tags":[1932,1934],"class_list":["post-8562","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bits","tag-pakistan"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.iisd.org\/itn\/wp-json\/wp\/v2\/posts\/8562","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.iisd.org\/itn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.iisd.org\/itn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.iisd.org\/itn\/wp-json\/wp\/v2\/users\/26"}],"replies":[{"embeddable":true,"href":"https:\/\/www.iisd.org\/itn\/wp-json\/wp\/v2\/comments?post=8562"}],"version-history":[{"count":0,"href":"https:\/\/www.iisd.org\/itn\/wp-json\/wp\/v2\/posts\/8562\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.iisd.org\/itn\/wp-json\/wp\/v2\/media\/15869"}],"wp:attachment":[{"href":"https:\/\/www.iisd.org\/itn\/wp-json\/wp\/v2\/media?parent=8562"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.iisd.org\/itn\/wp-json\/wp\/v2\/categories?post=8562"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.iisd.org\/itn\/wp-json\/wp\/v2\/tags?post=8562"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}