AGL 40.20 Decreased By ▼ -1.30 (-3.13%)
AIRLINK 129.11 Increased By ▲ 1.11 (0.87%)
BOP 6.60 Increased By ▲ 0.34 (5.43%)
CNERGY 4.03 Decreased By ▼ -0.10 (-2.42%)
DCL 8.45 Increased By ▲ 0.01 (0.12%)
DFML 41.25 Increased By ▲ 0.56 (1.38%)
DGKC 87.00 Decreased By ▼ -0.90 (-1.02%)
FCCL 33.35 Decreased By ▼ -0.75 (-2.2%)
FFBL 65.90 Decreased By ▼ -0.43 (-0.65%)
FFL 10.54 Decreased By ▼ -0.02 (-0.19%)
HUBC 110.70 Increased By ▲ 2.00 (1.84%)
HUMNL 15.23 Increased By ▲ 0.77 (5.33%)
KEL 4.78 Increased By ▲ 0.13 (2.8%)
KOSM 7.83 Increased By ▲ 0.50 (6.82%)
MLCF 41.90 Decreased By ▼ -0.82 (-1.92%)
NBP 60.50 Decreased By ▼ -0.34 (-0.56%)
OGDC 182.80 Increased By ▲ 3.83 (2.14%)
PAEL 25.36 Decreased By ▼ -0.34 (-1.32%)
PIBTL 6.26 Increased By ▲ 0.20 (3.3%)
PPL 147.81 Increased By ▲ 1.66 (1.14%)
PRL 24.56 Decreased By ▼ -0.35 (-1.41%)
PTC 16.24 Increased By ▲ 0.10 (0.62%)
SEARL 70.50 Increased By ▲ 0.30 (0.43%)
TELE 7.30 Increased By ▲ 0.08 (1.11%)
TOMCL 36.30 Increased By ▲ 0.10 (0.28%)
TPLP 7.85 Increased By ▲ 0.01 (0.13%)
TREET 15.30 Decreased By ▼ -0.29 (-1.86%)
TRG 51.70 Increased By ▲ 1.34 (2.66%)
UNITY 27.35 Increased By ▲ 0.45 (1.67%)
WTL 1.23 Decreased By ▼ -0.01 (-0.81%)
BR100 9,842 Increased By 47.4 (0.48%)
BR30 30,036 Increased By 389.6 (1.31%)
KSE100 92,520 Increased By 499.1 (0.54%)
KSE30 28,786 Increased By 121.7 (0.42%)

Pakistan-Canada bilateral promotion and protection agreement is in final stages as the Canadian government has sent a draft agreement to the federal government for suggestions, Business Recorder learnt here on Tuesday. For this purpose, the Board of Investment (BoI) has forwarded a letter along with a copy of draft agreement to the Chief Secretaries of Sindh, Punjab, Balochistan and NWFP on January 4, 2010 seeking comments on the agreement on urgent basis.
Both the countries had decided to explore the possibility of concluding the Bilateral Promotion and Protection Agreement. The Canadian side shared their draft agreement for our consideration, they added. Informing about the draft agreement, they said that each party shall encourage the creation of favourable conditions for investment in its territory by investors of the other party and shall admit such investments in accordance with the agreement.
Each party shall accord to covered investments treatment in accordance with the customary international law minimum standards of treatment of aliens, including fair and equitable treatment and full protection and security. They said that each party shall accord non-discriminatory treatment with respect to measures it adopt or maintain relating to compensation for losses suffered by investments in its territory owing to armed conflict, civil strife or a natural disaster to investors of another party and to covered investments.
Sources said a party may not require that enterprises of that party, that are covered investment, appoint individuals of any particular nationality to senior management positions. Moreover, the draft agreement also contains performance requirements, transparency, subrogation, taxation measures, denial of benefits, settlement of disputes between an investor and the host party, governing law, receipts under insurance or guarantee contracts etc, they further said.
The copies of draft agreement of Pakistan-Canada Bilateral Promotion and Protection Agreement had been forwarded to the finance and industries department of the provincial government and Sindh Board of Investment (SBoI) for suggestions, they said, adding that the comments would be sent shortly to the BoI for further progress.

Copyright Business Recorder, 2010

Comments

Comments are closed.