"\u003chtml xmlns:v=\"urn:schemas-microsoft-com:vml\"\r\nxmlns:o=\"urn:schemas-microsoft-com:office:office\"\r\nxmlns:w=\"urn:schemas-microsoft-com:office:word\"\r\nxmlns:st1=\"urn:schemas-microsoft-com:office:smarttags\"\r\nxmlns=\"http://www.w3.org/TR/REC-html40\"\u003e\r\n\r\n\u003chead\u003e\r\n\u003cmeta http-equiv=Content-Type content=\"text/html; charset=windows-1252\"\u003e\r\n\u003cmeta name=ProgId content=Word.Document\u003e\r\n\u003cmeta name=Generator content=\"Microsoft Word 11\"\u003e\r\n\u003cmeta name=Originator content=\"Microsoft Word 11\"\u003e\r\n\u003clink rel=File-List href=\"2022J6_files/filelist.xml\"\u003e\r\n\u003ctitle\u003e305\u003c/title\u003e\r\n\u003co:SmartTagType namespaceuri=\"urn:schemas-microsoft-com:office:smarttags\"\r\n name=\"place\"/\u003e\r\n\u003co:SmartTagType namespaceuri=\"urn:schemas-microsoft-com:office:smarttags\"\r\n name=\"country-region\"/\u003e\r\n\u003co:SmartTagType namespaceuri=\"urn:schemas-microsoft-com:office:smarttags\"\r\n name=\"City\"/\u003e\r\n\u003co:SmartTagType namespaceuri=\"urn:schemas-microsoft-com:office:smarttags\"\r\n name=\"PlaceName\"/\u003e\r\n\u003co:SmartTagType namespaceuri=\"urn:schemas-microsoft-com:office:smarttags\"\r\n name=\"PlaceType\"/\u003e\r\n\u003co:SmartTagType namespaceuri=\"urn:schemas-microsoft-com:office:smarttags\"\r\n name=\"State\"/\u003e\r\n\u003c!--[if gte mso 9]\u003e\u003cxml\u003e\r\n \u003co:DocumentProperties\u003e\r\n  \u003co:Author\u003efarhan\u003c/o:Author\u003e\r\n  \u003co:Template\u003eNormal\u003c/o:Template\u003e\r\n  \u003co:LastAuthor\u003eUser\u003c/o:LastAuthor\u003e\r\n  \u003co:Revision\u003e2\u003c/o:Revision\u003e\r\n  \u003co:TotalTime\u003e193\u003c/o:TotalTime\u003e\r\n  \u003co:LastPrinted\u003e2022-05-11T06:39:00Z\u003c/o:LastPrinted\u003e\r\n  \u003co:Created\u003e2022-09-24T10:34:00Z\u003c/o:Created\u003e\r\n  \u003co:LastSaved\u003e2022-09-24T10:34:00Z\u003c/o:LastSaved\u003e\r\n  \u003co:Pages\u003e1\u003c/o:Pages\u003e\r\n  \u003co:Words\u003e6549\u003c/o:Words\u003e\r\n  \u003co:Characters\u003e37332\u003c/o:Characters\u003e\r\n  \u003co:Lines\u003e311\u003c/o:Lines\u003e\r\n  \u003co:Paragraphs\u003e87\u003c/o:Paragraphs\u003e\r\n  \u003co:CharactersWithSpaces\u003e43794\u003c/o:CharactersWithSpaces\u003e\r\n  \u003co:Version\u003e11.5606\u003c/o:Version\u003e\r\n \u003c/o:DocumentProperties\u003e\r\n\u003c/xml\u003e\u003c![endif]--\u003e\u003c!--[if gte mso 9]\u003e\u003cxml\u003e\r\n \u003cw:WordDocument\u003e\r\n  \u003cw:ActiveWritingStyle Lang=\"EN-US\" VendorID=\"64\" DLLVersion=\"131077\"\r\n   NLCheck=\"1\"\u003e1\u003c/w:ActiveWritingStyle\u003e\r\n  \u003cw:ActiveWritingStyle Lang=\"EN-GB\" VendorID=\"64\" DLLVersion=\"131077\"\r\n   NLCheck=\"1\"\u003e1\u003c/w:ActiveWritingStyle\u003e\r\n  \u003cw:ActiveWritingStyle Lang=\"EN-US\" VendorID=\"64\" DLLVersion=\"131078\"\r\n   NLCheck=\"1\"\u003e1\u003c/w:ActiveWritingStyle\u003e\r\n  \u003cw:DrawingGridHorizontalSpacing\u003e9.35 pt\u003c/w:DrawingGridHorizontalSpacing\u003e\r\n  \u003cw:DisplayVerticalDrawingGridEvery\u003e2\u003c/w:DisplayVerticalDrawingGridEvery\u003e\r\n  \u003cw:ValidateAgainstSchemas/\u003e\r\n  \u003cw:SaveIfXMLInvalid\u003efalse\u003c/w:SaveIfXMLInvalid\u003e\r\n  \u003cw:IgnoreMixedContent\u003efalse\u003c/w:IgnoreMixedContent\u003e\r\n  \u003cw:AlwaysShowPlaceholderText\u003efalse\u003c/w:AlwaysShowPlaceholderText\u003e\r\n  \u003cw:Compatibility\u003e\r\n   \u003cw:SelectEntireFieldWithStartOrEnd/\u003e\r\n   \u003cw:UseWord2002TableStyleRules/\u003e\r\n  \u003c/w:Compatibility\u003e\r\n  \u003cw:BrowserLevel\u003eMicrosoftInternetExplorer4\u003c/w:BrowserLevel\u003e\r\n \u003c/w:WordDocument\u003e\r\n\u003c/xml\u003e\u003c![endif]--\u003e\u003c!--[if gte mso 9]\u003e\u003cxml\u003e\r\n \u003cw:LatentStyles DefLockedState=\"false\" LatentStyleCount=\"156\"\u003e\r\n \u003c/w:LatentStyles\u003e\r\n\u003c/xml\u003e\u003c![endif]--\u003e\u003c!--[if !mso]\u003e\u003cobject\r\n classid=\"clsid:38481807-CA0E-42D2-BF39-B33AF135CC4D\" id=ieooui\u003e\u003c/object\u003e\r\n\u003cstyle\u003e\r\nst1\\:*{behavior:url(#ieooui) }\r\n\u003c/style\u003e\r\n\u003c![endif]--\u003e\r\n\u003cstyle\u003e\r\n\u003c!--\r\n /* Font Definitions */\r\n @font-face\r\n\t{font-family:\"Tms Rmn\";\r\n\tpanose-1:2 2 6 3 4 5 5 2 3 4;\r\n\tmso-font-charset:0;\r\n\tmso-generic-font-family:roman;\r\n\tmso-font-format:other;\r\n\tmso-font-pitch:variable;\r\n\tmso-font-signature:3 0 0 0 1 0;}\r\n@font-face\r\n\t{font-family:\"MS Mincho\";\r\n\tpanose-1:2 2 6 9 4 2 5 8 3 4;\r\n\tmso-font-alt:\"\\FF2D\\FF33 \\660E\\671D\";\r\n\tmso-font-charset:128;\r\n\tmso-generic-font-family:roman;\r\n\tmso-font-format:other;\r\n\tmso-font-pitch:fixed;\r\n\tmso-font-signature:1 134676480 16 0 131072 0;}\r\n@font-face\r\n\t{font-family:Tahoma;\r\n\tpanose-1:2 11 6 4 3 5 4 4 2 4;\r\n\tmso-font-charset:0;\r\n\tmso-generic-font-family:swiss;\r\n\tmso-font-pitch:variable;\r\n\tmso-font-signature:1627421319 -2147483648 8 0 66047 0;}\r\n@font-face\r\n\t{font-family:\"CG Times\";\r\n\tmso-font-alt:\"Times New Roman\";\r\n\tmso-font-charset:0;\r\n\tmso-generic-font-family:roman;\r\n\tmso-font-pitch:variable;\r\n\tmso-font-signature:7 0 0 0 147 0;}\r\n@font-face\r\n\t{font-family:Verdana;\r\n\tpanose-1:2 11 6 4 3 5 4 4 2 4;\r\n\tmso-font-charset:0;\r\n\tmso-generic-font-family:swiss;\r\n\tmso-font-pitch:variable;\r\n\tmso-font-signature:536871559 0 0 0 415 0;}\r\n@font-face\r\n\t{font-family:BookmanSSK;\r\n\tmso-font-alt:\"Courier10 Win95BT\";\r\n\tmso-font-charset:0;\r\n\tmso-generic-font-family:auto;\r\n\tmso-font-pitch:variable;\r\n\tmso-font-signature:131 0 0 0 9 0;}\r\n@font-face\r\n\t{font-family:\"\\@MS Mincho\";\r\n\tpanose-1:0 0 0 0 0 0 0 0 0 0;\r\n\tmso-font-charset:128;\r\n\tmso-generic-font-family:roman;\r\n\tmso-font-format:other;\r\n\tmso-font-pitch:fixed;\r\n\tmso-font-signature:1 134676480 16 0 131072 0;}\r\n /* Style Definitions */\r\n p.MsoNormal, li.MsoNormal, div.MsoNormal\r\n\t{mso-style-parent:\"\";\r\n\tmargin:0in;\r\n\tmargin-bottom:.0001pt;\r\n\tmso-pagination:widow-orphan;\r\n\tfont-size:12.0pt;\r\n\tfont-family:\"Times New Roman\";\r\n\tmso-fareast-font-family:\"Times New Roman\";}\r\nh1\r\n\t{mso-style-next:Normal;\r\n\tmargin-top:0in;\r\n\tmargin-right:0in;\r\n\tmargin-bottom:6.0pt;\r\n\tmargin-left:0in;\r\n\ttext-align:center;\r\n\tmso-pagination:widow-orphan;\r\n\tpage-break-after:avoid;\r\n\tmso-outline-level:1;\r\n\ttab-stops:.5in;\r\n\tfont-size:10.0pt;\r\n\tmso-bidi-font-size:12.0pt;\r\n\tfont-family:\"CG Times\";\r\n\tmso-font-kerning:0pt;\r\n\tfont-weight:normal;\r\n\ttext-decoration:underline;\r\n\ttext-underline:single;}\r\nh2\r\n\t{mso-style-next:Normal;\r\n\tmargin-top:0in;\r\n\tmargin-right:0in;\r\n\tmargin-bottom:6.0pt;\r\n\tmargin-left:0in;\r\n\ttext-align:justify;\r\n\tmso-pagination:widow-orphan;\r\n\tpage-break-after:avoid;\r\n\tmso-outline-level:2;\r\n\ttab-stops:.5in;\r\n\tfont-size:16.0pt;\r\n\tmso-bidi-font-size:10.0pt;\r\n\tfont-family:\"CG Times\";\r\n\tfont-weight:normal;\r\n\ttext-decoration:underline;\r\n\ttext-underline:single;}\r\nh3\r\n\t{mso-style-next:Normal;\r\n\tmargin-top:0in;\r\n\tmargin-right:0in;\r\n\tmargin-bottom:6.0pt;\r\n\tmargin-left:0in;\r\n\ttext-align:justify;\r\n\tmso-pagination:widow-orphan;\r\n\tpage-break-after:avoid;\r\n\tmso-outline-level:3;\r\n\ttab-stops:.5in;\r\n\tfont-size:16.0pt;\r\n\tmso-bidi-font-size:10.0pt;\r\n\tfont-family:\"CG Times\";\r\n\tmso-bidi-font-weight:normal;\r\n\tfont-style:italic;\r\n\tmso-bidi-font-style:normal;\r\n\ttext-decoration:underline;\r\n\ttext-underline:single;}\r\nh4\r\n\t{mso-style-next:Normal;\r\n\tmargin:0in;\r\n\tmargin-bottom:.0001pt;\r\n\ttext-align:center;\r\n\tmso-pagination:widow-orphan;\r\n\tpage-break-after:avoid;\r\n\tmso-outline-level:4;\r\n\ttab-stops:.5in 1.0in 88.3pt 1.5in 1.75in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in;\r\n\tfont-size:10.0pt;\r\n\tfont-family:\"Tms Rmn\";\r\n\tcolor:black;\r\n\tlayout-grid-mode:line;\r\n\tmso-bidi-font-weight:normal;\r\n\ttext-decoration:underline;\r\n\ttext-underline:single;}\r\nh5\r\n\t{mso-style-next:Normal;\r\n\tmargin:0in;\r\n\tmargin-bottom:.0001pt;\r\n\ttext-align:center;\r\n\tmso-pagination:widow-orphan;\r\n\tpage-break-after:avoid;\r\n\tmso-outline-level:5;\r\n\tfont-size:12.0pt;\r\n\tfont-family:\"Times New Roman\";\r\n\tfont-weight:normal;\r\n\ttext-decoration:underline;\r\n\ttext-underline:single;}\r\nh6\r\n\t{mso-style-next:Normal;\r\n\tmargin-top:0in;\r\n\tmargin-right:0in;\r\n\tmargin-bottom:6.0pt;\r\n\tmargin-left:0in;\r\n\ttext-align:center;\r\n\tmso-pagination:widow-orphan;\r\n\tpage-break-after:avoid;\r\n\tmso-outline-level:6;\r\n\ttab-stops:.5in;\r\n\tfont-size:10.0pt;\r\n\tmso-bidi-font-size:12.0pt;\r\n\tfont-family:\"CG Times\";\r\n\tmso-bidi-font-weight:normal;\r\n\tmso-bidi-font-style:italic;\r\n\ttext-decoration:underline;\r\n\ttext-underline:single;}\r\np.MsoHeading7, li.MsoHeading7, div.MsoHeading7\r\n\t{mso-style-next:Normal;\r\n\tmargin:0in;\r\n\tmargin-bottom:.0001pt;\r\n\ttext-align:center;\r\n\tmso-pagination:widow-orphan;\r\n\tpage-break-after:avoid;\r\n\tmso-outline-level:7;\r\n\tfont-size:14.0pt;\r\n\tfont-family:\"Times New Roman\";\r\n\tmso-fareast-font-family:\"Times New Roman\";\r\n\tfont-weight:bold;\r\n\tmso-bidi-font-weight:normal;}\r\np.MsoHeading8, li.MsoHeading8, div.MsoHeading8\r\n\t{mso-style-next:Normal;\r\n\tmargin-top:0in;\r\n\tmargin-right:0in;\r\n\tmargin-bottom:.1in;\r\n\tmargin-left:0in;\r\n\ttext-align:center;\r\n\tmso-pagination:widow-orphan;\r\n\tpage-break-after:avoid;\r\n\tmso-outline-level:8;\r\n\tfont-size:10.0pt;\r\n\tmso-bidi-font-size:12.0pt;\r\n\tfont-family:\"CG Times\";\r\n\tmso-fareast-font-family:\"Times New Roman\";\r\n\tmso-bidi-font-family:\"Times New Roman\";\r\n\tfont-weight:bold;}\r\np.MsoHeading9, li.MsoHeading9, div.MsoHeading9\r\n\t{mso-style-next:Normal;\r\n\tmargin-top:0in;\r\n\tmargin-right:1.45pt;\r\n\tmargin-bottom:0in;\r\n\tmargin-left:0in;\r\n\tmargin-bottom:.0001pt;\r\n\ttext-align:right;\r\n\ttext-indent:.5in;\r\n\tmso-pagination:widow-orphan;\r\n\tpage-break-after:avoid;\r\n\tmso-outline-level:9;\r\n\tmso-layout-grid-align:none;\r\n\tpunctuation-wrap:simple;\r\n\ttext-autospace:none;\r\n\tfont-size:12.0pt;\r\n\tmso-bidi-font-size:10.0pt;\r\n\tfont-family:Arial;\r\n\tmso-fareast-font-family:\"Times New Roman\";\r\n\tmso-ansi-language:EN-GB;\r\n\tfont-weight:bold;\r\n\tmso-bidi-font-weight:normal;}\r\np.MsoFootnoteText, li.MsoFootnoteText, div.MsoFootnoteText\r\n\t{mso-style-noshow:yes;\r\n\tmargin:0in;\r\n\tmargin-bottom:.0001pt;\r\n\tmso-pagination:widow-orphan;\r\n\tfont-size:10.0pt;\r\n\tfont-family:\"Times New Roman\";\r\n\tmso-fareast-font-family:\"Times New Roman\";}\r\np.MsoHeader, li.MsoHeader, div.MsoHeader\r\n\t{mso-style-noshow:yes;\r\n\tmargin-top:0in;\r\n\tmargin-right:0in;\r\n\tmargin-bottom:6.0pt;\r\n\tmargin-left:0in;\r\n\ttext-align:justify;\r\n\tmso-pagination:widow-orphan;\r\n\ttab-stops:.5in center 3.0in right 6.0in;\r\n\tfont-size:16.0pt;\r\n\tmso-bidi-font-size:10.0pt;\r\n\tfont-family:\"CG Times\";\r\n\tmso-fareast-font-family:\"Times New Roman\";\r\n\tmso-bidi-font-family:\"Times New Roman\";}\r\np.MsoFooter, li.MsoFooter, div.MsoFooter\r\n\t{mso-style-noshow:yes;\r\n\tmargin:0in;\r\n\tmargin-bottom:.0001pt;\r\n\tmso-pagination:widow-orphan;\r\n\ttab-stops:center 3.0in right 6.0in;\r\n\tfont-size:12.0pt;\r\n\tfont-family:\"Times New Roman\";\r\n\tmso-fareast-font-family:\"Times New Roman\";}\r\nspan.MsoFootnoteReference\r\n\t{mso-style-noshow:yes;\r\n\tvertical-align:super;}\r\np.MsoTitle, li.MsoTitle, div.MsoTitle\r\n\t{margin:0in;\r\n\tmargin-bottom:.0001pt;\r\n\ttext-align:center;\r\n\tmso-pagination:widow-orphan;\r\n\tfont-size:20.0pt;\r\n\tmso-bidi-font-size:12.0pt;\r\n\tfont-family:Arial;\r\n\tmso-fareast-font-family:\"Times New Roman\";}\r\np.MsoBodyText, li.MsoBodyText, div.MsoBodyText\r\n\t{mso-style-noshow:yes;\r\n\tmargin:0in;\r\n\tmargin-bottom:.0001pt;\r\n\ttext-align:justify;\r\n\tmso-pagination:widow-orphan;\r\n\tfont-size:16.0pt;\r\n\tmso-bidi-font-size:10.0pt;\r\n\tfont-family:\"Times New Roman\";\r\n\tmso-fareast-font-family:\"Times New Roman\";}\r\np.MsoBodyTextIndent, li.MsoBodyTextIndent, div.MsoBodyTextIndent\r\n\t{mso-style-noshow:yes;\r\n\tmargin-top:0in;\r\n\tmargin-right:0in;\r\n\tmargin-bottom:0in;\r\n\tmargin-left:.5in;\r\n\tmargin-bottom:.0001pt;\r\n\ttext-align:justify;\r\n\tline-height:13.9pt;\r\n\tmso-line-height-rule:exactly;\r\n\tmso-pagination:widow-orphan;\r\n\tmso-layout-grid-align:none;\r\n\ttext-autospace:none;\r\n\tfont-size:12.0pt;\r\n\tfont-family:\"Times New Roman\";\r\n\tmso-fareast-font-family:\"Times New Roman\";}\r\np.MsoBodyText2, li.MsoBodyText2, div.MsoBodyText2\r\n\t{mso-style-noshow:yes;\r\n\tmargin:0in;\r\n\tmargin-bottom:.0001pt;\r\n\ttext-align:center;\r\n\tmso-pagination:widow-orphan;\r\n\tfont-size:12.0pt;\r\n\tfont-family:\"Times New Roman\";\r\n\tmso-fareast-font-family:\"Times New Roman\";\r\n\ttext-decoration:underline;\r\n\ttext-underline:single;}\r\np.MsoBodyText3, li.MsoBodyText3, div.MsoBodyText3\r\n\t{mso-style-noshow:yes;\r\n\tmargin:0in;\r\n\tmargin-bottom:.0001pt;\r\n\tmso-pagination:widow-orphan;\r\n\tfont-size:14.0pt;\r\n\tfont-family:\"Times New Roman\";\r\n\tmso-fareast-font-family:\"Times New Roman\";\r\n\tletter-spacing:-.15pt;}\r\np.MsoBlockText, li.MsoBlockText, div.MsoBlockText\r\n\t{mso-style-noshow:yes;\r\n\tmargin-top:0in;\r\n\tmargin-right:63.0pt;\r\n\tmargin-bottom:0in;\r\n\tmargin-left:1.0in;\r\n\tmargin-bottom:.0001pt;\r\n\ttext-align:justify;\r\n\tmso-pagination:widow-orphan;\r\n\ttab-stops:.5in;\r\n\tfont-size:16.0pt;\r\n\tmso-bidi-font-size:10.0pt;\r\n\tfont-family:\"Times New Roman\";\r\n\tmso-fareast-font-family:\"Times New Roman\";}\r\na:link, span.MsoHyperlink\r\n\t{mso-style-noshow:yes;\r\n\tcolor:blue;\r\n\ttext-decoration:underline;\r\n\ttext-underline:single;}\r\na:visited, span.MsoHyperlinkFollowed\r\n\t{mso-style-noshow:yes;\r\n\tcolor:purple;\r\n\ttext-decoration:underline;\r\n\ttext-underline:single;}\r\np.MsoPlainText, li.MsoPlainText, div.MsoPlainText\r\n\t{mso-style-noshow:yes;\r\n\tmargin:0in;\r\n\tmargin-bottom:.0001pt;\r\n\tmso-pagination:widow-orphan;\r\n\tfont-size:10.0pt;\r\n\tfont-family:\"Courier New\";\r\n\tmso-fareast-font-family:\"Times New Roman\";}\r\np.MsoAcetate, li.MsoAcetate, div.MsoAcetate\r\n\t{mso-style-noshow:yes;\r\n\tmargin:0in;\r\n\tmargin-bottom:.0001pt;\r\n\tmso-pagination:widow-orphan;\r\n\tfont-size:8.0pt;\r\n\tfont-family:Tahoma;\r\n\tmso-fareast-font-family:\"Times New Roman\";}\r\np.style5, li.style5, div.style5\r\n\t{mso-style-name:style5;\r\n\tmso-style-parent:\"Plain Text\";\r\n\tmargin-top:0in;\r\n\tmargin-right:0in;\r\n\tmargin-bottom:6.0pt;\r\n\tmargin-left:0in;\r\n\ttext-align:justify;\r\n\tmso-pagination:widow-orphan;\r\n\ttab-stops:.5in;\r\n\tfont-size:10.0pt;\r\n\tfont-family:\"CG Times\";\r\n\tmso-fareast-font-family:\"MS Mincho\";\r\n\tmso-bidi-font-family:\"Courier New\";}\r\np.AltC, li.AltC, div.AltC\r\n\t{mso-style-name:Alt+C;\r\n\tmso-style-parent:style5;\r\n\tmargin-top:0in;\r\n\tmargin-right:0in;\r\n\tmargin-bottom:.1in;\r\n\tmargin-left:0in;\r\n\ttext-align:justify;\r\n\tmso-pagination:none;\r\n\tpage-break-after:avoid;\r\n\ttab-stops:.5in;\r\n\tfont-size:10.0pt;\r\n\tfont-family:\"CG Times\";\r\n\tmso-fareast-font-family:\"MS Mincho\";\r\n\tmso-bidi-font-family:\"Courier New\";\r\n\tletter-spacing:.2pt;\r\n\tmso-bidi-font-weight:bold;}\r\np.AltA, li.AltA, div.AltA\r\n\t{mso-style-name:Alt+A;\r\n\tmso-style-parent:Alt+C;\r\n\tmargin:0in;\r\n\tmargin-bottom:.0001pt;\r\n\ttext-align:justify;\r\n\tmso-pagination:none;\r\n\tpage-break-after:avoid;\r\n\tfont-size:10.0pt;\r\n\tfont-family:\"CG Times\";\r\n\tmso-fareast-font-family:\"MS Mincho\";\r\n\tmso-bidi-font-family:\"Courier New\";\r\n\tletter-spacing:.2pt;\r\n\tmso-bidi-font-weight:bold;}\r\np.AltB, li.AltB, div.AltB\r\n\t{mso-style-name:Alt+B;\r\n\tmargin-top:0in;\r\n\tmargin-right:0in;\r\n\tmargin-bottom:.1in;\r\n\tmargin-left:.5in;\r\n\ttext-align:justify;\r\n\ttext-indent:-.3in;\r\n\tmso-pagination:none;\r\n\tpage-break-after:avoid;\r\n\ttab-stops:.5in;\r\n\tfont-size:10.0pt;\r\n\tmso-bidi-font-size:12.0pt;\r\n\tfont-family:\"CG Times\";\r\n\tmso-fareast-font-family:\"Times New Roman\";\r\n\tmso-bidi-font-family:\"Times New Roman\";\r\n\tletter-spacing:.2pt;}\r\np.AltDCenter, li.AltDCenter, div.AltDCenter\r\n\t{mso-style-name:\"Alt+D Center\";\r\n\tmso-style-parent:\"Heading 2\";\r\n\tmargin-top:0in;\r\n\tmargin-right:0in;\r\n\tmargin-bottom:.1in;\r\n\tmargin-left:0in;\r\n\ttext-align:center;\r\n\tmso-pagination:none;\r\n\tpage-break-after:avoid;\r\n\tmso-outline-level:2;\r\n\tfont-size:10.0pt;\r\n\tfont-family:\"CG Times\";\r\n\tmso-fareast-font-family:\"Times New Roman\";\r\n\tmso-bidi-font-family:\"Times New Roman\";\r\n\tletter-spacing:.2pt;}\r\np.AltK, li.AltK, div.AltK\r\n\t{mso-style-name:Alt+K;\r\n\tmso-style-parent:style5;\r\n\tmargin-top:0in;\r\n\tmargin-right:0in;\r\n\tmargin-bottom:.1in;\r\n\tmargin-left:0in;\r\n\ttext-align:justify;\r\n\ttext-indent:.2in;\r\n\tmso-pagination:none;\r\n\tpage-break-after:avoid;\r\n\ttab-stops:.5in;\r\n\tfont-size:10.0pt;\r\n\tfont-family:\"CG Times\";\r\n\tmso-fareast-font-family:\"MS Mincho\";\r\n\tmso-bidi-font-family:\"Courier New\";\r\n\tletter-spacing:.2pt;}\r\np.AltR, li.AltR, div.AltR\r\n\t{mso-style-name:Alt+R;\r\n\tmso-style-parent:Alt+C;\r\n\tmargin-top:0in;\r\n\tmargin-right:0in;\r\n\tmargin-bottom:.1in;\r\n\tmargin-left:0in;\r\n\ttext-align:justify;\r\n\tmso-pagination:none;\r\n\tpage-break-after:avoid;\r\n\ttab-stops:.5in right 4.4in;\r\n\tfont-size:10.0pt;\r\n\tfont-family:\"CG Times\";\r\n\tmso-fareast-font-family:\"MS Mincho\";\r\n\tmso-bidi-font-family:\"Courier New\";\r\n\tletter-spacing:.2pt;\r\n\tmso-bidi-font-weight:bold;}\r\np.Alt-1, li.Alt-1, div.Alt-1\r\n\t{mso-style-name:Alt-1;\r\n\tmso-style-parent:\"Alt+D Center\";\r\n\tmargin-top:0in;\r\n\tmargin-right:0in;\r\n\tmargin-bottom:.1in;\r\n\tmargin-left:0in;\r\n\ttext-align:center;\r\n\tmso-pagination:none;\r\n\tpage-break-after:avoid;\r\n\tmso-outline-level:2;\r\n\tfont-size:8.0pt;\r\n\tmso-bidi-font-size:10.0pt;\r\n\tfont-family:Arial;\r\n\tmso-fareast-font-family:\"Times New Roman\";\r\n\ttext-transform:uppercase;\r\n\tletter-spacing:.2pt;\r\n\tfont-weight:bold;}\r\np.Alt-O, li.Alt-O, div.Alt-O\r\n\t{mso-style-name:Alt-O;\r\n\tmso-style-parent:\"Alt+D Center\";\r\n\tmargin-top:0in;\r\n\tmargin-right:0in;\r\n\tmargin-bottom:.1in;\r\n\tmargin-left:0in;\r\n\ttext-align:center;\r\n\tmso-pagination:none;\r\n\tpage-break-after:avoid;\r\n\tmso-outline-level:2;\r\n\tfont-size:8.0pt;\r\n\tmso-bidi-font-size:10.0pt;\r\n\tfont-family:Arial;\r\n\tmso-fareast-font-family:\"Times New Roman\";\r\n\ttext-transform:uppercase;\r\n\tletter-spacing:.2pt;\r\n\tfont-weight:bold;}\r\np.HeaderFooter, li.HeaderFooter, div.HeaderFooter\r\n\t{mso-style-name:\"Header \u0026 Footer\";\r\n\tmso-style-parent:Alt+C;\r\n\tmargin-top:0in;\r\n\tmargin-right:0in;\r\n\tmargin-bottom:.1in;\r\n\tmargin-left:0in;\r\n\ttext-align:justify;\r\n\tmso-pagination:none;\r\n\tpage-break-after:avoid;\r\n\ttab-stops:.5in center 2.2in right 315.35pt;\r\n\tfont-size:10.0pt;\r\n\tfont-family:\"CG Times\";\r\n\tmso-fareast-font-family:\"MS Mincho\";\r\n\tmso-bidi-font-family:\"Courier New\";\r\n\tletter-spacing:.2pt;\r\n\tmso-bidi-font-weight:bold;}\r\np.style2, li.style2, div.style2\r\n\t{mso-style-name:style2;\r\n\tmargin-top:0in;\r\n\tmargin-right:0in;\r\n\tmargin-bottom:6.0pt;\r\n\tmargin-left:0in;\r\n\ttext-align:center;\r\n\ttext-indent:.2in;\r\n\tmso-pagination:widow-orphan;\r\n\ttab-stops:.5in;\r\n\tfont-size:10.0pt;\r\n\tmso-bidi-font-size:12.0pt;\r\n\tfont-family:\"CG Times\";\r\n\tmso-fareast-font-family:\"Times New Roman\";\r\n\tmso-bidi-font-family:\"Times New Roman\";}\r\np.style3, li.style3, div.style3\r\n\t{mso-style-name:style3;\r\n\tmargin-top:0in;\r\n\tmargin-right:0in;\r\n\tmargin-bottom:6.0pt;\r\n\tmargin-left:.5in;\r\n\ttext-align:justify;\r\n\ttext-indent:-.3in;\r\n\tmso-pagination:widow-orphan;\r\n\ttab-stops:.5in;\r\n\tfont-size:10.0pt;\r\n\tmso-bidi-font-size:12.0pt;\r\n\tfont-family:\"CG Times\";\r\n\tmso-fareast-font-family:\"Times New Roman\";\r\n\tmso-bidi-font-family:\"Times New Roman\";}\r\np.AltQ, li.AltQ, div.AltQ\r\n\t{mso-style-name:Alt+Q;\r\n\tmargin-top:0in;\r\n\tmargin-right:0in;\r\n\tmargin-bottom:.1in;\r\n\tmargin-left:0in;\r\n\ttext-align:justify;\r\n\tmso-pagination:none;\r\n\tpage-break-after:avoid;\r\n\ttab-stops:.5in;\r\n\tfont-size:10.0pt;\r\n\tfont-family:BookmanSSK;\r\n\tmso-fareast-font-family:\"MS Mincho\";\r\n\tmso-bidi-font-family:\"Times New Roman\";\r\n\tfont-weight:bold;\r\n\tmso-bidi-font-weight:normal;\r\n\tfont-style:italic;}\r\np.PageXofY, li.PageXofY, div.PageXofY\r\n\t{mso-style-name:\"Page X of Y\";\r\n\tmso-style-parent:\"\";\r\n\tmargin:0in;\r\n\tmargin-bottom:.0001pt;\r\n\tmso-pagination:widow-orphan;\r\n\tfont-size:12.0pt;\r\n\tfont-family:\"Times New Roman\";\r\n\tmso-fareast-font-family:\"Times New Roman\";}\r\nspan.grame\r\n\t{mso-style-name:grame;}\r\nspan.spelle\r\n\t{mso-style-name:spelle;}\r\np.byline, li.byline, div.byline\r\n\t{mso-style-name:byline;\r\n\tmargin:0in;\r\n\tmargin-bottom:.0001pt;\r\n\ttext-align:justify;\r\n\tmso-pagination:widow-orphan;\r\n\tfont-size:12.0pt;\r\n\tfont-family:Arial;\r\n\tmso-fareast-font-family:\"Times New Roman\";}\r\np.Lastprinted, li.Lastprinted, div.Lastprinted\r\n\t{mso-style-name:\"Last printed\";\r\n\tmso-style-parent:\"\";\r\n\tmargin:0in;\r\n\tmargin-bottom:.0001pt;\r\n\tmso-pagination:widow-orphan;\r\n\tfont-size:12.0pt;\r\n\tfont-family:\"Times New Roman\";\r\n\tmso-fareast-font-family:\"Times New Roman\";}\r\np.Style1, li.Style1, div.Style1\r\n\t{mso-style-name:\"Style 1\";\r\n\tmargin:0in;\r\n\tmargin-bottom:.0001pt;\r\n\tmso-pagination:none;\r\n\tmso-layout-grid-align:none;\r\n\ttext-autospace:none;\r\n\tfont-size:10.0pt;\r\n\tfont-family:\"Times New Roman\";\r\n\tmso-fareast-font-family:\"Times New Roman\";}\r\np.Style20, li.Style20, div.Style20\r\n\t{mso-style-name:\"Style 2\";\r\n\tmargin-top:0in;\r\n\tmargin-right:.1in;\r\n\tmargin-bottom:0in;\r\n\tmargin-left:0in;\r\n\tmargin-bottom:.0001pt;\r\n\ttext-align:justify;\r\n\tline-height:112%;\r\n\tmso-pagination:none;\r\n\ttext-autospace:none;\r\n\tfont-size:11.5pt;\r\n\tfont-family:\"Times New Roman\";\r\n\tmso-fareast-font-family:\"Times New Roman\";}\r\nspan.CharacterStyle1\r\n\t{mso-style-name:\"Character Style 1\";\r\n\tmso-style-parent:\"\";\r\n\tmso-ansi-font-size:11.5pt;\r\n\tmso-bidi-font-size:11.5pt;}\r\nspan.CharacterStyle2\r\n\t{mso-style-name:\"Character Style 2\";\r\n\tmso-style-parent:\"\";\r\n\tmso-ansi-font-size:10.0pt;\r\n\tmso-bidi-font-size:10.0pt;}\r\np.Style30, li.Style30, div.Style30\r\n\t{mso-style-name:\"Style 3\";\r\n\tmargin-top:0in;\r\n\tmargin-right:0in;\r\n\tmargin-bottom:.1in;\r\n\tmargin-left:.1in;\r\n\tline-height:16.2pt;\r\n\tmso-line-height-rule:exactly;\r\n\tmso-pagination:none;\r\n\ttext-autospace:none;\r\n\tfont-size:13.0pt;\r\n\tfont-family:Verdana;\r\n\tmso-fareast-font-family:\"Times New Roman\";\r\n\tmso-bidi-font-family:\"Times New Roman\";}\r\np.Default, li.Default, div.Default\r\n\t{mso-style-name:Default;\r\n\tmso-style-parent:\"\";\r\n\tmargin:0in;\r\n\tmargin-bottom:.0001pt;\r\n\tmso-pagination:widow-orphan;\r\n\tmso-layout-grid-align:none;\r\n\ttext-autospace:none;\r\n\tfont-size:12.0pt;\r\n\tfont-family:\"Times New Roman\";\r\n\tmso-fareast-font-family:\"Times New Roman\";\r\n\tcolor:black;}\r\np.ListParagraph, li.ListParagraph, div.ListParagraph\r\n\t{mso-style-name:\"List Paragraph\";\r\n\tmargin-top:0in;\r\n\tmargin-right:0in;\r\n\tmargin-bottom:0in;\r\n\tmargin-left:.5in;\r\n\tmargin-bottom:.0001pt;\r\n\tmso-pagination:widow-orphan;\r\n\tfont-size:12.0pt;\r\n\tfont-family:\"Times New Roman\";\r\n\tmso-fareast-font-family:\"Times New Roman\";}\r\n /* Page Definitions */\r\n @page\r\n\t{mso-footnote-separator:url(\"2022J6_files/header.htm\") fs;\r\n\tmso-footnote-continuation-separator:url(\"2022J6_files/header.htm\") fcs;\r\n\tmso-footnote-continuation-notice:url(\"2022J6_files/header.htm\") fcn;\r\n\tmso-endnote-separator:url(\"2022J6_files/header.htm\") es;\r\n\tmso-endnote-continuation-separator:url(\"2022J6_files/header.htm\") ecs;\r\n\tmso-facing-pages:yes;}\r\n@page Section1\r\n\t{size:7.0in 11.0in;\r\n\tmargin:.5in .9in .5in .9in;\r\n\tmso-header-margin:1.1in;\r\n\tmso-footer-margin:123.85pt;\r\n\tmso-page-numbers:51;\r\n\tmso-paper-source:0;}\r\ndiv.Section1\r\n\t{page:Section1;}\r\n /* List Definitions */\r\n @list l0\r\n\t{mso-list-id:1935477253;\r\n\tmso-list-type:hybrid;\r\n\tmso-list-template-ids:-1278081018 917684274 67698713 67698715 67698703 67698713 67698715 67698703 67698713 67698715;}\r\n@list l0:level1\r\n\t{mso-level-tab-stop:none;\r\n\tmso-level-number-position:left;\r\n\tmargin-left:.7in;\r\n\ttext-indent:-.25in;}\r\nol\r\n\t{margin-bottom:0in;}\r\nul\r\n\t{margin-bottom:0in;}\r\n--\u003e\r\n\u003c/style\u003e\r\n\u003c!--[if gte mso 10]\u003e\r\n\u003cstyle\u003e\r\n /* Style Definitions */\r\n table.MsoNormalTable\r\n\t{mso-style-name:\"Table Normal\";\r\n\tmso-tstyle-rowband-size:0;\r\n\tmso-tstyle-colband-size:0;\r\n\tmso-style-noshow:yes;\r\n\tmso-style-parent:\"\";\r\n\tmso-padding-alt:0in 5.4pt 0in 5.4pt;\r\n\tmso-para-margin:0in;\r\n\tmso-para-margin-bottom:.0001pt;\r\n\tmso-pagination:widow-orphan;\r\n\tfont-size:10.0pt;\r\n\tfont-family:\"Times New Roman\";\r\n\tmso-ansi-language:#0400;\r\n\tmso-fareast-language:#0400;\r\n\tmso-bidi-language:#0400;}\r\n\u003c/style\u003e\r\n\u003c![endif]--\u003e\u003c!--[if gte mso 9]\u003e\u003cxml\u003e\r\n \u003co:shapedefaults v:ext=\"edit\" spidmax=\"3074\"/\u003e\r\n\u003c/xml\u003e\u003c![endif]--\u003e\u003c!--[if gte mso 9]\u003e\u003cxml\u003e\r\n \u003co:shapelayout v:ext=\"edit\"\u003e\r\n  \u003co:idmap v:ext=\"edit\" data=\"1\"/\u003e\r\n \u003c/o:shapelayout\u003e\u003c/xml\u003e\u003c![endif]--\u003e\r\n\u003c/head\u003e\r\n\r\n\u003cbody lang=EN-US link=blue vlink=purple style=\u0027tab-interval:.5in\u0027\u003e\r\n\r\n\u003cdiv class=Section1\u003e\r\n\r\n\u003cp class=AltDCenter\u003e\u003cst1:country-region w:st=\"on\"\u003e\u003cst1:place w:st=\"on\"\u003e\u003cb\u003e\u003cspan\r\n  style=\u0027font-size:12.0pt;font-family:\"Times New Roman\"\u0027\u003ePAKISTAN\u003c/span\u003e\u003c/b\u003e\u003c/st1:place\u003e\u003c/st1:country-region\u003e\u003cb\u003e\u003cspan\r\nstyle=\u0027font-size:12.0pt;font-family:\"Times New Roman\"\u0027\u003e\u0027S EXPERIENCE WITH\r\nINVESTOR-STATE ARBITRATION: TWO CONTRASTING DECADES \u003cbr\u003e\r\n(2000-2010 AND 2010-2020)\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltDCenter\u003e\u003ci\u003e\u003cspan style=\u0027font-size:12.0pt;font-family:\"Times New Roman\"\u0027\u003eBy\r\n\u003cbr\u003e\r\nAli Zahid Rahim, Advocate\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/i\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltK\u003e\u003cspan style=\u0027font-size:12.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003eThere is no better account of why\r\nPakistan came to sign and enter into multiple International Investment\r\nAgreements (IIAs) (specifically, Bilateral Investment Treaties (BITs))\r\nespecially from the 1990s onwards than the following 2009 ITN interview of the\r\nformer Attorney-General for Pakistan, Mr. Makhdoom Ali Khan\u003csup\u003e\u003cspan\r\nstyle=\u0027color:black\u0027\u003e1\u003c/span\u003e\u003c/sup\u003e conducted by Professor Lauge N. Skovgaard\r\nPoulsen\u003csup\u003e2\u003c/sup\u003e and Damon Vis-Dunbar:\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB\u003e\u003cspan style=\u0027font-size:12.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003eReflections on \u003cst1:country-region w:st=\"on\"\u003e\u003cst1:place\r\n w:st=\"on\"\u003ePakistan\u003c/st1:place\u003e\u003c/st1:country-region\u003e\u0027s investment-treaty\r\nprogram after 50 years: an interview with the former Attorney General of\r\nPakistan, Makhdoom Ali Khan\u003csup\u003e3\u003c/sup\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB\u003e\u003cb\u003e\u003cspan style=\u0027font-size:12.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003eBy Lauge Skovgaard Poulsen and Damon\r\nVis-Dunbar 16 March 2009\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/b\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB\u003e\u003cspan style=\u0027font-size:12.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003e\u003cst1:country-region w:st=\"on\"\u003ePakistan\u003c/st1:country-region\u003e\r\ninked the first ever bilateral investment treaty (BIT) with the government of \u003cst1:country-region\r\nw:st=\"on\"\u003e\u003cst1:place w:st=\"on\"\u003eWest Germany\u003c/st1:place\u003e\u003c/st1:country-region\u003e 50\r\nyears ago, before going on to accumulate one of the largest portfolios of BITs\r\nheld by a developing country: some 47 in total, 35 of which were signed in a\r\nflurry of activity between 1988 and 1999.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:6.0pt\u0027\u003e\u003cspan style=\u0027font-size:12.0pt;\r\nfont-family:\"Times New Roman\"\u0027\u003e\u003cspan style=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003eHowever,\r\nin recent years, the expansion of \u003cst1:country-region w:st=\"on\"\u003e\u003cst1:place\r\n w:st=\"on\"\u003ePakistan\u003c/st1:place\u003e\u003c/st1:country-region\u003e\u0027s investment-treaty\r\nnetwork has slowed down substantially. The timing is no accident; the brakes\r\nwere applied at the same time that Pakistan faced its first lawsuit under a BIT\r\nin 2001 by the Swiss multinational Society General de Surveillance (SGS) under\r\nthe Switzerland-Pakistan BIT. While the SGS dispute ended in a settlement\r\nfavourable to \u003cst1:place w:st=\"on\"\u003e\u003cst1:country-region w:st=\"on\"\u003ePakistan\u003c/st1:country-region\u003e\u003c/st1:place\u003e,\r\nits effect on the Pakistani administration at the time was considerable.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB align=center style=\u0027margin-bottom:6.0pt;text-align:center\u0027\u003e\u003cspan\r\nstyle=\u0027font-size:12.0pt;font-family:\"Times New Roman\"\u0027\u003e******\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-top:0in;margin-right:0in;margin-bottom:0in;\r\nmargin-left:.7in;margin-bottom:.0001pt;text-indent:-.25in;mso-list:l0 level1 lfo1\u0027\u003e\u003c![if !supportLists]\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\";color:black\u0027\u003e\u003cspan\r\nstyle=\u0027mso-list:Ignore\u0027\u003e1.\u003cspan style=\u0027font:7.0pt \"Times New Roman\"\u0027\u003e\u0026nbsp;\u0026nbsp;\u0026nbsp;\u0026nbsp;\u0026nbsp;\u0026nbsp;\u0026nbsp;\r\n\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c![endif]\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;\r\nfont-family:\"Times New Roman\";color:black\u0027\u003eMr. Khan was the Attorney-General\r\nfor \u003cst1:place w:st=\"on\"\u003e\u003cst1:country-region w:st=\"on\"\u003ePakistan\u003c/st1:country-region\u003e\u003c/st1:place\u003e\r\nfrom September 2001 to August 2007 and is undoubtedly and by far, one of the\r\nmost famous and well recognized Pakistani international arbitration lawyer /\r\narbitrator / jurist in the world. He is one of four Pakistanis nominated by\r\nPakistan to the ICSID panel of arbitrators and conciliators and has held key\r\nleadership positions in key arbitral institutions such as the London Court of\r\nInternational Arbitration (LCIA). Due to Mr. Khan\u0027s experience in defending the\r\nState of Pakistan against several investment treaty and international\r\ncommercial arbitrations in the 2000s when he was the Attorney-General and the\r\nsubsequent switch to representing claimants against Pakistan, roughly in the\r\ndecade 2010-2020, after he stepped down as the Attorney-General in 2007, he is\r\nperhaps the only Pakistani \u0026quot;insider\u0026quot; as it were when it comes to all\r\nthings international arbitration - a key actor by all means. \u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-top:0in;margin-right:0in;margin-bottom:0in;\r\nmargin-left:.7in;margin-bottom:.0001pt;text-indent:-.25in;mso-list:l0 level1 lfo1\u0027\u003e\u003c![if !supportLists]\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003cspan\r\nstyle=\u0027mso-list:Ignore\u0027\u003e2.\u003cspan style=\u0027font:7.0pt \"Times New Roman\"\u0027\u003e\u0026nbsp;\u0026nbsp;\u0026nbsp;\u0026nbsp;\u0026nbsp;\u0026nbsp;\u0026nbsp;\r\n\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c![endif]\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;\r\nfont-family:\"Times New Roman\"\u0027\u003e\u003ca\r\nhref=\"https://www.ucl.ac.uk/political-science/people/dr-lauge-poulsen\"\u003ehttps://www.ucl.ac.uk/political-science/people/dr-lauge-poulsen\u003c/a\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-top:0in;margin-right:0in;margin-bottom:0in;\r\nmargin-left:.7in;margin-bottom:.0001pt;text-indent:-.25in;mso-list:l0 level1 lfo1\u0027\u003e\u003c![if !supportLists]\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003cspan\r\nstyle=\u0027mso-list:Ignore\u0027\u003e3.\u003cspan style=\u0027font:7.0pt \"Times New Roman\"\u0027\u003e\u0026nbsp;\u0026nbsp;\u0026nbsp;\u0026nbsp;\u0026nbsp;\u0026nbsp;\u0026nbsp;\r\n\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c![endif]\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;\r\nfont-family:\"Times New Roman\"\u0027\u003e\u003ca\r\nhref=\"https://www.iisd.org/itn/en/2009/03/16/pakistans-standstill-in-investment-treaty-making-an-interview-with-the-former-attorney-general-of-pakistan-makhdoom-ali-khan/\"\u003ehttps://www.iisd.org/itn/en/2009/03/16/pakistans-standstill-in-investment-treaty-making-an-interview-with-the-former-attorney-general-of-pakistan-makhdoom-ali-khan/\u003c/a\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB align=center style=\u0027margin-bottom:6.0pt;text-align:center\u0027\u003e\u003cspan\r\nstyle=\u0027font-size:12.0pt;font-family:\"Times New Roman\"\u0027\u003e******\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:6.0pt\u0027\u003e\u003cspan style=\u0027font-size:12.0pt;\r\nfont-family:\"Times New Roman\"\u0027\u003e\u003cspan style=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003e\u003cst1:place\r\nw:st=\"on\"\u003e\u003cst1:country-region w:st=\"on\"\u003ePakistan\u003c/st1:country-region\u003e\u003c/st1:place\u003e\u0027s\r\nAttorney General during the SGS dispute, and others that followed, was Mr. Makhdoom\r\nAli Khan. To learn more about the impact of these disputes on \u003cst1:country-region\r\nw:st=\"on\"\u003ePakistan\u003c/st1:country-region\u003e\u0027s investment-treaty program during his\r\ntenure as Attorney General, ITN spoke to Mr. Khan in \u003cst1:City w:st=\"on\"\u003e\u003cst1:place\r\n w:st=\"on\"\u003eKarachi\u003c/st1:place\u003e\u003c/st1:City\u003e.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:6.0pt\u0027\u003e\u003cspan style=\u0027font-size:12.0pt;\r\nfont-family:\"Times New Roman\"\u0027\u003e\u003cspan style=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003e\u003cb\u003eITN:\r\nHow did you get involved with \u003cst1:country-region w:st=\"on\"\u003e\u003cst1:place w:st=\"on\"\u003ePakistan\u003c/st1:place\u003e\u003c/st1:country-region\u003e\u0027s\r\nBIT-program?\u003co:p\u003e\u003c/o:p\u003e\u003c/b\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:6.0pt\u0027\u003e\u003cspan style=\u0027font-size:12.0pt;\r\nfont-family:\"Times New Roman\"\u0027\u003e\u003cspan style=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003eThe\r\nSecretary of Law called me up in 2001 and asked what I knew about the\r\nInternational Centre for Settlement of Investment Disputes (ICSID) and this\r\nthing called a bilateral investment treaty (BIT). He informed me that \u003cst1:country-region\r\nw:st=\"on\"\u003e\u003cst1:place w:st=\"on\"\u003ePakistan\u003c/st1:place\u003e\u003c/st1:country-region\u003e was\r\nbeing sued by SGS at ICSID and asked how SGS could do that. To be perfectly\r\nhonest, I did not have a clue, so I had to look it up on Google. I typed in\r\n\u0027ICSID\u0027 and \u0027BIT\u0027, and that\u0027s how I learned about these instruments for the\r\nfirst time.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:6.0pt\u0027\u003e\u003cspan style=\u0027font-size:12.0pt;\r\nfont-family:\"Times New Roman\"\u0027\u003e\u003cspan style=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003eI\r\nasked the Ministry of Industries, who were responsible for BITs at the time,\r\nhow these treaties were signed. I was told that when the President, or Prime\r\nMinister, went abroad, our foreign missions would tell the Ministry that BITs\r\nare \u0027\u003ci\u003eone of the doables\u003c/i\u003e\u0027. Since \u003cst1:country-region w:st=\"on\"\u003e\u003cst1:place\r\n w:st=\"on\"\u003ePakistan\u003c/st1:place\u003e\u003c/st1:country-region\u003e had signed BITs without\r\nany consequences for a long time, everyone simply considered the treaties a\r\npiece of paper, something for the press, a good photo opportunity-and that was\r\nthe end of it.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:6.0pt\u0027\u003e\u003cspan style=\u0027font-size:12.0pt;\r\nfont-family:\"Times New Roman\"\u0027\u003e\u003cspan style=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003eNow,\r\none option was of course not to participate in the SGS proceedings and instead\r\ntry to rely on our local courts to avoid enforcement of a possible award. But I\r\nadvised against this option, as it would give \u003cst1:country-region w:st=\"on\"\u003e\u003cst1:place\r\n w:st=\"on\"\u003ePakistan\u003c/st1:place\u003e\u003c/st1:country-region\u003e\u0027s courts a bad reputation\r\ninternationally... \u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:6.0pt\u0027\u003e\u003cspan style=\u0027font-size:12.0pt;\r\nfont-family:\"Times New Roman\"\u0027\u003e\u003cspan style=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003e\u003cb\u003eITN:\r\nWhat subsequent impact did the SGS case have?\u003co:p\u003e\u003c/o:p\u003e\u003c/b\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:6.5pt\u0027\u003e\u003cspan style=\u0027font-size:12.0pt;\r\nfont-family:\"Times New Roman\"\u0027\u003e\u003cspan style=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003eThe\r\nsecretariat of the Chief Executive [former President Pervez Musharraf] issued a\r\ndirective which provided that no more BITs were to be signed by \u003cst1:place\r\nw:st=\"on\"\u003e\u003cst1:country-region w:st=\"on\"\u003ePakistan\u003c/st1:country-region\u003e\u003c/st1:place\u003e\r\nuntil the Attorney General\u0027s office was consulted and all other government\r\nstakeholders were onboard. This was a first for \u003cst1:country-region w:st=\"on\"\u003e\u003cst1:place\r\n w:st=\"on\"\u003ePakistan\u003c/st1:place\u003e\u003c/st1:country-region\u003e. Previously, I don\u0027t think\r\n\u003c/span\u003e\u003cspan style=\u0027font-size:12.0pt;font-family:\"Times New Roman\";letter-spacing:\r\n.1pt\u0027\u003eany ministry---except that in charge---even knew that the BITs had been\r\nsigned, and I couldn\u0027t find files on record demonstrating\u003cspan\r\nstyle=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003ethat meaningful negotiations had actually\r\ntaken \u003c/span\u003e\u003cspan style=\u0027font-size:12.0pt;font-family:\"Times New Roman\"\u0027\u003eplace.\r\nThe maximum level of input to the negotiations from \u003cst1:country-region w:st=\"on\"\u003e\u003cst1:place\r\n w:st=\"on\"\u003ePakistan\u003c/st1:place\u003e\u003c/st1:country-region\u003e appears to have been\r\nproof-reading, and at times, albeit rarely, some not very significant\r\nsuggestions on the text.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:6.5pt\u0027\u003e\u003cspan style=\u0027font-size:12.0pt;\r\nfont-family:\"Times New Roman\"\u0027\u003e\u003cspan style=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003eSecondly,\r\nthe Board of Investment BOI [the agency now in charge of BITs] and I brought in\r\nexperts from abroad to speak with the government stakeholders. If someone of\r\nany note in the world of public or private international law was visiting the\r\nregion, we would invite them to come and speak. This was an education process\r\nof sorts, allowing us to understand what could, and could not, be the\r\nconsequences of signing BITs. This, combined with a couple of excellent\r\nofficials within the BOI, meant that \u003cst1:country-region w:st=\"on\"\u003e\u003cst1:place\r\n w:st=\"on\"\u003ePakistan\u003c/st1:place\u003e\u003c/st1:country-region\u003e\u0027s negotiating capacity was\r\nupgraded significantly at the time.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:6.5pt\u0027\u003e\u003cspan style=\u0027font-size:12.0pt;\r\nfont-family:\"Times New Roman\"\u0027\u003e\u003cspan style=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003e\u003cb\u003eITN:\r\nHas this \u0027education process\u0027 succeeded?\u003co:p\u003e\u003c/o:p\u003e\u003c/b\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:6.5pt\u0027\u003e\u003cspan style=\u0027font-size:12.0pt;\r\nfont-family:\"Times New Roman\"\u0027\u003e\u003cspan style=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003eI\r\ndon\u0027t think that is the case. While the Pakistani team involved in the long and\r\ndifficult BIT-negotiations with the \u003cst1:country-region w:st=\"on\"\u003eUnited States\u003c/st1:country-region\u003e\r\n[which remain ongoing] has been relatively well-prepared and rigorous in their\r\napproach, these negotiations were special because of the political relationship\r\nbetween our two countries and the scope of the \u003cst1:country-region w:st=\"on\"\u003e\u003cst1:place\r\n w:st=\"on\"\u003eU.S.\u003c/st1:place\u003e\u003c/st1:country-region\u003e proposal. So despite these\r\nefforts, I\u0027m afraid the worst is yet to come. When I resigned as Attorney\r\nGeneral in 2007, the approach to negotiating BITs was still haphazard and piecemeal.\r\nNotwithstanding a few very learned officials within the bureaucracy, there is\r\nnot a shared understanding in \u003cst1:country-region w:st=\"on\"\u003e\u003cst1:place w:st=\"on\"\u003ePakistan\u003c/st1:place\u003e\u003c/st1:country-region\u003e\r\nthat negotiating BITs requires a lot of effort and---perhaps most\r\nimportantly---legal expertise. \u003cst1:country-region w:st=\"on\"\u003e\u003cst1:place w:st=\"on\"\u003ePakistan\u003c/st1:place\u003e\u003c/st1:country-region\u003e\r\n\u003c/span\u003e\u003cspan style=\u0027font-size:12.0pt;font-family:\"Times New Roman\";letter-spacing:\r\n.1pt\u0027\u003ehas therefore continued to sign BITs without seriously considering the\r\nimplications. This is particularly troubling as \u003cst1:country-region w:st=\"on\"\u003e\u003cst1:place\r\n w:st=\"on\"\u003ePakistan\u003c/st1:place\u003e\u003c/st1:country-region\u003e is not able to fulfill\r\nmany of the legal obligations enshrined in BITs, which makes us an easy target\r\nfor expensive \u003c/span\u003e\u003cspan style=\u0027font-size:12.0pt;font-family:\"Times New Roman\"\u0027\u003einvestor\r\nclaims.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:6.5pt\u0027\u003e\u003cspan style=\u0027font-size:12.0pt;\r\nfont-family:\"Times New Roman\"\u0027\u003e\u003cspan style=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003e\u003cb\u003eITN:\r\nWith this in mind, do you think \u003cst1:place w:st=\"on\"\u003e\u003cst1:country-region w:st=\"on\"\u003ePakistan\u003c/st1:country-region\u003e\u003c/st1:place\u003e\r\nshould stop signing BITs?\u003co:p\u003e\u003c/o:p\u003e\u003c/b\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB\u003e\u003cspan style=\u0027font-size:12.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003eI am not against BITs as such; I\u0027m simply\r\nagainst the approach \u003cst1:country-region w:st=\"on\"\u003e\u003cst1:place w:st=\"on\"\u003ePakistan\u003c/st1:place\u003e\u003c/st1:country-region\u003e\r\nhas taken in the past, which is to passively sign these treaties, with no real\r\nnegotiations, or sense of the risks involved. If \u003cst1:country-region w:st=\"on\"\u003e\u003cst1:place\r\n w:st=\"on\"\u003ePakistan\u003c/st1:place\u003e\u003c/st1:country-region\u003e is going to seriously\r\nnegotiate BITs, it needs to set aside an appropriate budget, so that the\r\nbureaucracy is well staffed and informed on these matters. Unfortunately, the\r\nGovernment of Pakistan has never considered BITs an important enough issue for\r\nthis. But look at the legal costs in the three cases against us so far; I\u0027m\r\nsure they exceed US$10 million as a very conservative estimate. For less than a\r\nfraction of that \u003c/span\u003e\u003cspan style=\u0027font-size:12.0pt;font-family:\"Times New Roman\";\r\nletter-spacing:.1pt\u0027\u003eamount you can set up a department, hire lawyers---perhaps\r\n\u003c/span\u003e\u003cspan style=\u0027font-size:12.0pt;font-family:\"Times New Roman\"\u0027\u003eeven get\r\nsome assistance from outside \u003cst1:country-region w:st=\"on\"\u003e\u003cst1:place w:st=\"on\"\u003ePakistan\u003c/st1:place\u003e\u003c/st1:country-region\u003e-and\r\nstart looking at this process properly. But I don\u0027t think the will is there\r\nbecause the need is not felt. But come a day where we are faced with a similar\r\nsituation as \u003cst1:country-region w:st=\"on\"\u003e\u003cst1:place w:st=\"on\"\u003eArgentina\u003c/st1:place\u003e\u003c/st1:country-region\u003e\r\nis now, this may change.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB\u003e\u003cspan style=\u0027font-size:12.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003e\u003ci\u003eLauge Skovgaard Poulsen is a\r\nPhD-candidate at the \u003cst1:place w:st=\"on\"\u003e\u003cst1:PlaceName w:st=\"on\"\u003eLondon\u003c/st1:PlaceName\u003e\r\n \u003cst1:PlaceType w:st=\"on\"\u003eSchool\u003c/st1:PlaceType\u003e\u003c/st1:place\u003e of Economics\r\n(email: l.n.poulsen@lse.ac.uk ). Damon Vis-Dunbar is Editor of ITN.\u003co:p\u003e\u003c/o:p\u003e\u003c/i\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltK\u003e\u003cspan style=\u0027font-size:12.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003eThe prescient 2009 ITN interview serves\r\nas important historical context, specific to the decade 2000-2010, in\r\nunderstanding why Pakistan signed on to such IIAs, and then came to be sued on\r\na regular basis under those IIAs in the last two decades - with two ICSID\r\nawards in 2017 (\u003ci\u003eKarkey v. Pakistan\u003c/i\u003e)\u003csup\u003e4\u003c/sup\u003e and in 2019 (\u003ci\u003eTethyan\r\nv. Pakistan\u003c/i\u003e)\u003csup\u003e5\u003c/sup\u003e - against Pakistan in the crippling sums of\r\ndamages\u003csup\u003e6\u003c/sup\u003e worth approximately US$ 1 and 6 Billion (including\r\ninterest) respectively.\u003csup\u003e7\u003c/sup\u003e It is also useful in contrasting Pakistan\u0027s\r\nexperience in defending the second wave of investor-state arbitrations in the\r\npast decade 2010-2020.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltK align=center style=\u0027text-align:center\u0027\u003e\u003cspan style=\u0027font-size:\r\n12.0pt;font-family:\"Times New Roman\"\u0027\u003e******\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nclass=MsoFootnoteReference\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;font-family:\r\n\"Times New Roman\";vertical-align:baseline\u0027\u003e4\u003c/span\u003e\u003c/span\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e \u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003eICSID Case No. ARB/13/1 Karkey Karadeniz\r\nElektrik Uretim A.S. v. \u003cst1:country-region w:st=\"on\"\u003e\u003cst1:place w:st=\"on\"\u003ePakistan\u003c/st1:place\u003e\u003c/st1:country-region\u003e\r\n- \u003cu\u003esee \u003c/u\u003e\u003ca href=\"https://www.italaw.com/cases/documents/6669\"\u003ehttps://www.italaw.com/cases/documents/6669\u003c/a\u003e\u003cu\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/u\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nclass=MsoFootnoteReference\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;font-family:\r\n\"Times New Roman\";vertical-align:baseline\u0027\u003e5\u003c/span\u003e\u003c/span\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e \u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003e\u003cspan style=\u0027color:black\u0027\u003eICSID Case No.\r\nARB/12/1 \u003ci style=\u0027mso-bidi-font-style:normal\u0027\u003eTethyan Copper Company Pty\r\nLimited v. \u003cst1:country-region w:st=\"on\"\u003e\u003cst1:place w:st=\"on\"\u003ePakistan\u003c/st1:place\u003e\u003c/st1:country-region\u003e\r\n\u003c/i\u003e- se\u003c/span\u003ee \u003ca href=\"https://www.italaw.com/cases/1631\"\u003e\u003cspan\r\nstyle=\u0027color:windowtext\u0027\u003ehttps://www.italaw.com/cases/1631\u003c/span\u003e\u003c/a\u003e\u003cu\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/u\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nclass=MsoFootnoteReference\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;font-family:\r\n\"Times New Roman\";vertical-align:baseline\u0027\u003e6\u003c/span\u003e\u003c/span\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e \u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003eThe eminent University College London\r\n(UCL) professor and public international lawyer Dr. Martins Paparinskis \r\npath-breaking article titled \u003ci style=\u0027mso-bidi-font-style:normal\u0027\u003e A Case\r\nAgainst Crippling Compensation in International Law of State Responsibility  \u003c/i\u003ediscusses\r\nincreasingly large compensation awards by international arbitral tribunals and\r\namong other things, what  full reparation  means under international law. The\r\narticle can be accessed here: \u003ca\r\nhref=\"https://onlinelibrary.wiley.com/doi/full/10.1111/1468-2230.12562\"\u003ehttps://onlinelibrary.wiley.com/doi/full/10.1111/1468-2230.12562\u003c/a\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nclass=MsoFootnoteReference\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;font-family:\r\n\"Times New Roman\";vertical-align:baseline\u0027\u003e7\u003c/span\u003e\u003c/span\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e \u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003e\u003cspan style=\u0027color:black\u0027\u003eThe \u003ci\r\nstyle=\u0027mso-bidi-font-style:normal\u0027\u003eTethyan\u003c/i\u003e award is the second largest\r\nICSID award ever made almost equivalent to the size of the IMF bail-out package\r\n(US$ 6 Billion) the country received in 2019.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltK align=center style=\u0027text-align:center\u0027\u003e\u003cspan style=\u0027font-size:\r\n12.0pt;font-family:\"Times New Roman\"\u0027\u003e******\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltK\u003e\u003cspan style=\u0027font-size:12.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003eThe \u003ci\u003ePreface \u003c/i\u003eto Professor Poulsen\u0027s\r\nexcellent 2015 work on IIAs titled \u0026quot;\u003ci\u003eBounded Rationality and Economic\r\nDiplomacy - The Politics of Investment Treaties in Developing Countries\u003c/i\u003e\u0026quot;\r\n(Cambridge 2015) is titled \u0026quot;\u003ci\u003eThe curious case of Pakistan\u003c/i\u003e\u0026quot;\r\nbuilds on the 2009 IISD interview above and is essential reading in\r\nunderstanding the history of the international investment regime and how states\r\nlike Pakistan joined the BIT bandwagon in the 1990s without much thought.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltK style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nstyle=\u0027font-size:12.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003cspan style=\u0027mso-tab-count:\r\n1\u0027\u003e       \u003c/span\u003ePreface titled \u0026quot;\u003cb\u003eThe curious case of \u003cst1:country-region\r\nw:st=\"on\"\u003e\u003cst1:place w:st=\"on\"\u003ePakistan\u003c/st1:place\u003e\u003c/st1:country-region\u003e\u003c/b\u003e\u0026quot;\r\n\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltK\u003e\u003cspan style=\u0027font-size:12.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003e(pages xiii to xvi)\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB\u003e\u003cspan style=\u0027font-size:12.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003eIn October 2001 \u003cst1:country-region\r\nw:st=\"on\"\u003e\u003cst1:place w:st=\"on\"\u003ePakistan\u003c/st1:place\u003e\u003c/st1:country-region\u003e\u0027s\r\nSecretary of Law received a letter. It related to a dispute between the\r\nPakistani government and a Swiss company, Society General de Surveillance\r\n(SGS). The dispute had begun in 1996 after the Sharif government terminated a\r\ncontract with SGS due to suspicions that it had been obtained through bribes.\r\nSGS objected and began a series of legal proceedings in both \u003cst1:country-region\r\nw:st=\"on\"\u003eSwitzerland\u003c/st1:country-region\u003e and \u003cst1:country-region w:st=\"on\"\u003e\u003cst1:place\r\n w:st=\"on\"\u003ePakistan\u003c/st1:place\u003e\u003c/st1:country-region\u003e. All failed. The letter\r\nreceived five years after the dispute had begun was not from \u003cst1:country-region\r\nw:st=\"on\"\u003e\u003cst1:place w:st=\"on\"\u003eSwitzerland\u003c/st1:place\u003e\u003c/st1:country-region\u003e or\r\nthe Pakistani courts. This time it was from \u003cst1:place w:st=\"on\"\u003e\u003cst1:City\r\n w:st=\"on\"\u003eWashington\u003c/st1:City\u003e \u003cst1:State w:st=\"on\"\u003eDC\u003c/st1:State\u003e\u003c/st1:place\u003e.\r\nIt came from a World Bank institution called the International Centre for the\r\nSettlement of Investment Disputes. ICSID said SGS was claiming more than US\r\n$110 million in compensation based on a so-called bilateral investment treaty\r\n(BIT). This puzzled the Secretary, as neither ICSID nor the BIT had been\r\nmentioned by SGS while the contractual dispute had lasted.\u003csup\u003e8\u003c/sup\u003e He\r\ntherefore called up his Attorney General to ask what he knew about ICSID, and\r\nhow SGS could possibly use a BIT to file such a claim. Although one of the most\r\nnotable experts on international public and commercial law in \u003cst1:place w:st=\"on\"\u003e\u003cst1:country-region\r\n w:st=\"on\"\u003ePakistan\u003c/st1:country-region\u003e\u003c/st1:place\u003e, the attorney general\r\ncouldn\u0027t give him an answer. \u0027To be perfectly honest,\u0027 he later said to me, \u0027I\r\ndid not have a clue.\u0027\u003csup\u003e9\u003c/sup\u003e After hanging up, the attorney general\r\ntherefore went on to Google. Here he typed in two questions: \u0027What is ICSID?\u0027\r\nand \u0027What is a BIT?\u0027 And that is how he learned of these instruments for the\r\nfirst time.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB align=center style=\u0027text-align:center\u0027\u003e\u003cspan style=\u0027font-size:\r\n12.0pt;font-family:\"Times New Roman\"\u0027\u003e******\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nclass=MsoFootnoteReference\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;font-family:\r\n\"Times New Roman\";vertical-align:baseline\u0027\u003e8\u003c/span\u003e\u003c/span\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e \u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003e\u003c/span\u003e\u003ci style=\u0027mso-bidi-font-style:\r\nnormal\u0027\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\";\r\nletter-spacing:.1pt\u0027\u003e ICSID Case No. ARB/01/13, Decision on Jurisdiction, 6\r\naugust 2003, par. \u003c/span\u003e\u003c/i\u003e\u003ci style=\u0027mso-bidi-font-style:normal\u0027\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e63 .\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/i\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nclass=MsoFootnoteReference\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;font-family:\r\n\"Times New Roman\";vertical-align:baseline\u0027\u003e9\u003c/span\u003e\u003c/span\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e \u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003e\u003ci style=\u0027mso-bidi-font-style:normal\u0027\u003e Interview,\r\n\u003cst1:City w:st=\"on\"\u003e\u003cst1:place w:st=\"on\"\u003eKarachi\u003c/st1:place\u003e\u003c/st1:City\u003e,\r\nJanuary 2009 .\u003co:p\u003e\u003c/o:p\u003e\u003c/i\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB align=center style=\u0027text-align:center\u0027\u003e\u003cspan style=\u0027font-size:\r\n12.0pt;font-family:\"Times New Roman\"\u0027\u003e******\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB\u003e\u003cspan style=\u0027font-size:12.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003eIt didn\u0027t take long before the attorney\r\ngeneral realized that the letter from ICSID was serious indeed. Unlike the\r\ncontract with SGS, which involved specific commercial rights, the six-page BIT\r\nprovided SGS a right to compensation for a wide range of regulatory conduct\r\nbased on very vague treaty language. \u003cst1:country-region w:st=\"on\"\u003e\u003cst1:place\r\n w:st=\"on\"\u003ePakistan\u003c/st1:place\u003e\u003c/st1:country-region\u003e was obliged to fully\r\ncompensate Swiss investors for expropriation, indirect expropriation, or any\r\nother measures having the same nature or effect. What that meant remained\r\nunspecified. Swiss investors could also claim damages owing to war, revolts,\r\nstates of emergency or other armed conflicts, none of which were strangers in a\r\nPakistani context. They were promised free repatriation of their profits and\r\nother capital out of \u003cst1:country-region w:st=\"on\"\u003e\u003cst1:place w:st=\"on\"\u003ePakistan\u003c/st1:place\u003e\u003c/st1:country-region\u003e,\r\nwhich again was a very significant obligation for a country facing serious\r\nforeign exchange short-ages at the time. The treaty also obliged \u003cst1:country-region\r\nw:st=\"on\"\u003e\u003cst1:place w:st=\"on\"\u003ePakistan\u003c/st1:place\u003e\u003c/st1:country-region\u003e to\r\ntreat Swiss investors in the same way as Pakistani investors (national\r\ntreatment) or investors from other third countries (most-favoured-nation\r\ntreatment), whichever was more favourable. Finally, it included a vague-- but\r\npotentially far-reaching - clause providing for fair and equitable treatment,\r\nwhich again remained unspecified. In essence, the BIT provided SGS something\r\nakin to an \u0027economic constitution\u0027 while operating in \u003cst1:country-region\r\nw:st=\"on\"\u003ePakistan\u003c/st1:country-region\u003e that was independent of \u003cst1:country-region\r\nw:st=\"on\"\u003e\u003cst1:place w:st=\"on\"\u003ePakistan\u003c/st1:place\u003e\u003c/st1:country-region\u003e\u0027s own\r\nlaws and regulations.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB\u003e\u003cspan style=\u0027font-size:12.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003eAs important, it gave Swiss investors the\r\nright to settle disputes with the Pakistani government outside \u003cst1:country-region\r\nw:st=\"on\"\u003e\u003cst1:place w:st=\"on\"\u003ePakistan\u003c/st1:place\u003e\u003c/st1:country-region\u003e\u0027s own\r\nlegal system, for instance by using ICSID as the arbitration forum. This was in\r\ncontrast to the usual procedure of international arbitrations, where foreign\r\ninvestors traditionally needed to go through domestic courts before\r\ninter-national proceedings could be initiated. The tribunal had the authority\r\nto admit SGS\u0027s claim, rule on its own jurisdiction, as well as award damages\r\nbinding upon \u003cst1:country-region w:st=\"on\"\u003e\u003cst1:place w:st=\"on\"\u003ePakistan\u003c/st1:place\u003e\u003c/st1:country-region\u003e\r\nand with no real options for appeal.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB\u003e\u003cspan style=\u0027font-size:12.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003eSome corners of the Pakistani bureaucracy\r\nproposed to stay away from the proceedings and not comply with any potential\r\narbitral awards, but the attorney general realized this was a bad idea. Like\r\nthe vast majority of investment arbitration claims, SGS had asked for monetary\r\ncompensation as a remedy. In case of non-compliance, the award would be\r\nenforceable against \u003cst1:country-region w:st=\"on\"\u003e\u003cst1:place w:st=\"on\"\u003ePakistan\u003c/st1:place\u003e\u003c/st1:country-region\u003e\u0027s\r\ncommercial assets around the world. Courts in enforcing states would have only\r\nlimited options to refuse execution. Even more important, \u003cst1:country-region\r\nw:st=\"on\"\u003e\u003cst1:place w:st=\"on\"\u003ePakistan\u003c/st1:place\u003e\u003c/st1:country-region\u003e was\r\ncrucially dependent on financial assistance from the International Financial\r\nInstitutions, so reneging on international legal obligations within a World\r\nBank forum like ICSID would be imprudent.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB\u003e\u003cspan style=\u0027font-size:12.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003eClearly, this was not a claim to be taken\r\nlightly, so the attorney general wanted more information on the BIT and why it\r\nhad been signed in 1995. But when inquiring with the relevant ministries, he\r\nwas unable to trace any records of negotiations ever taking place with \u003cst1:country-region\r\nw:st=\"on\"\u003e\u003cst1:place w:st=\"on\"\u003eSwitzerland\u003c/st1:place\u003e\u003c/st1:country-region\u003e.\r\nThere were no files or documentation and no indication that the treaty had ever\r\nbeen discussed in Parliament. In fact, no one could find the treaty itself, so \u003cst1:country-region\r\nw:st=\"on\"\u003ePakistan\u003c/st1:country-region\u003e had to ask \u003cst1:country-region w:st=\"on\"\u003e\u003cst1:place\r\n w:st=\"on\"\u003eSwitzerland\u003c/st1:place\u003e\u003c/st1:country-region\u003e for a copy through\r\nformal channels. For a treaty with such a considerable scope, this was somewhat\r\nof a mystery. Yet, the attorney general later learned that this was no\r\nexception, as hardly any records existed of \u003cst1:country-region w:st=\"on\"\u003e\u003cst1:place\r\n w:st=\"on\"\u003ePakistan\u003c/st1:place\u003e\u003c/st1:country-region\u003e\u0027s past BIT negotiations.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB\u003e\u003cspan style=\u0027font-size:12.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003eThis was peculiar. For although Pakistan\r\nwas no stranger to allowing individual investors a right to international\r\narbitration based on specific contracts, its BITs had provided a \u0027standing\r\noffer\u0027 to international arbitration to foreign investors as a group. When signing\r\nBITs Pakistan had given all existing and future investors covered by the\r\ntreaties the option of taking their disputes to international arbitration.\r\nCombined with their vague and broad treaty language, this not only gave\r\ninvestors a second chance at adjudicating contract disputes, as in the SGS\r\ncase, but also implied a potentially infinite number of claims involving \u003cst1:country-region\r\nw:st=\"on\"\u003e\u003cst1:place w:st=\"on\"\u003ePakistan\u003c/st1:place\u003e\u003c/st1:country-region\u003e\u0027s\r\nregulatory conduct. But even though \u003cst1:country-region w:st=\"on\"\u003ePakistan\u003c/st1:country-region\u003e\r\nhad actually been the first country to ever sign a BIT in 1959 with \u003cst1:country-region\r\nw:st=\"on\"\u003e\u003cst1:place w:st=\"on\"\u003eWest Germany\u003c/st1:place\u003e\u003c/st1:country-region\u003e,\r\nand had concluded a total of 40 similar treaties since then, no one could seem\r\nto find any documentation that they had been carefully negotiated.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB\u003e\u003cspan style=\u0027font-size:12.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003eThis was not because the negotiations\r\nwere considered too sensitive to document in written form. On the contrary,\r\nwhen foreign delegations had come to the country, or the Pakistani leadership\r\nwent abroad, BITs had merely been considered a diplomatic token of goodwill.\r\nThere was an expectation that the treaties would lead to increased inflows of\r\nforeign investment, something \u003cst1:country-region w:st=\"on\"\u003e\u003cst1:place w:st=\"on\"\u003ePakistan\u003c/st1:place\u003e\u003c/st1:country-region\u003e\r\ndesperately needed, but they were not thought to have any potential liabilities\r\nor regulatory constraints. The claim by SGS made it obvious to the attorney\r\ngeneral that this view was mistaken.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB\u003e\u003cspan style=\u0027font-size:12.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003eFor many, however, this probably sounds a\r\nlittle too convenient: now that \u003cst1:country-region w:st=\"on\"\u003e\u003cst1:place w:st=\"on\"\u003ePakistan\u003c/st1:place\u003e\u003c/st1:country-region\u003e\r\nhad to adhere to her international legal obligations, it appears opportunistic\r\nof a bureaucrat to claim ignorance on behalf of his former colleagues. So to\r\ncorroborate the story, I contacted a consider-able number of officials involved\r\nin \u003cst1:country-region w:st=\"on\"\u003e\u003cst1:place w:st=\"on\"\u003ePakistan\u003c/st1:place\u003e\u003c/st1:country-region\u003e\u0027s\r\nBIT program in the past. All confirmed more or less the same narrative, and\r\ntoday even government files admit to this view: \u0027BITs were initially\r\ninstruments that were signed during visits of high level delegations to provide\r\nfor photo opportunities\u0027.\u003csup\u003e10\u003c/sup\u003e It was thereby not until Pakistan was\r\nhit by a multimillion-dollar arbitration claim that officials realized the\r\nimplications of treaties signed by shifting governments since 1959.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltK align=center style=\u0027text-align:center\u0027\u003e\u003cspan style=\u0027font-size:\r\n12.0pt;font-family:\"Times New Roman\"\u0027\u003e******\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nclass=MsoFootnoteReference\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;font-family:\r\n\"Times New Roman\";vertical-align:baseline\u0027\u003e10\u003c/span\u003e\u003c/span\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e \u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e     \u003c/span\u003e\u003ci style=\u0027mso-bidi-font-style:normal\u0027\u003e Communication\r\nbetween \u003cst1:place w:st=\"on\"\u003e\u003cst1:country-region w:st=\"on\"\u003ePakistan\u003c/st1:country-region\u003e\u003c/st1:place\u003e s\r\nBoard of Investment and Ministry of Law concerning re-negotiation of\r\nGerman-Pakistan BIT, 23 November 2009. On file with the author .\u003co:p\u003e\u003c/o:p\u003e\u003c/i\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB align=center style=\u0027text-align:center\u0027\u003e\u003cspan style=\u0027font-size:\r\n12.0pt;font-family:\"Times New Roman\"\u0027\u003e******\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB\u003e\u003cspan style=\u0027font-size:12.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003eThis book will show that \u003cst1:place\r\nw:st=\"on\"\u003e\u003cst1:country-region w:st=\"on\"\u003ePakistan\u003c/st1:country-region\u003e\u003c/st1:place\u003e\u0027s\r\nexperiences have not been unique. During the 1990s and early 2000s, only few\r\ndeveloping country governments realized that by consenting to investment treaty\r\narbitration, they agreed to offer international investors enforceable\r\nprotections with the potential for costly and far-reaching implications. The\r\nmajority of developing countries thereby signed up to one of the most potent\r\ninter-national legal regimes underwriting economic globalization without even\r\nrealizing it at the time.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB\u003e\u003cspan style=\u0027font-size:12.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003eThis not only means that the history of\r\nthe international investment regime has to be rewritten; it also provides more\r\ngeneral lessons for our understanding of economic diplomacy. For even if\r\npolicy-makers try to pursue their own preferences when designing the rules that\r\nshape global economic governance, they are not always as careful and\r\nsophisticated as much international relations literature would have us believe.\r\nInstead, economic diplomats are no different from the rest of us by often\r\nstruggling to make sense of their surroundings due to limited problem-solving\r\ncapabilities. It is only through studying the nature and role of these\r\ncognitive constraints that we will understand the often irrational, yet\r\npredictable, nature of international economic relations.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltK\u003e\u003cspan style=\u0027font-size:12.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003eIn summary, the story that emerges is\r\nthat for several decades after independence, and mostly in the 1990s, Pakistan\r\nsigned dozens of BITs without any understanding of the functioning or\r\nconsequences of the international investment protection regime made up of BITs\r\nand Investor-State Dispute Settlement (ISDS).\u003csup\u003e11\u003c/sup\u003e However, in the\r\ndecade between 2000-2010, when Pakistan had a competent Attorney-General in Mr.\r\nMakhdoom Ali Khan for the most part of that decade, who quickly came up to\r\nspeed with the system of ISDS and forged important relationships with\r\nwell-known international arbitration experts, Pakistan successfully managed to\r\nstave off four ICSID claims\u003csup\u003e12\u003c/sup\u003e and other international litigation\r\ninvolving Pakistani State parties such as, for example, the famous \u003ci\u003eDallah\u003c/i\u003e\r\ncase that made its way right up to the UK Supreme Court.\u003csup\u003e13\u003c/sup\u003e \u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB align=center style=\u0027margin-bottom:0in;margin-bottom:.0001pt;\r\ntext-align:center\u0027\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e******\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nclass=MsoFootnoteReference\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;font-family:\r\n\"Times New Roman\";vertical-align:baseline\u0027\u003e11\u003c/span\u003e\u003c/span\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e \u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e     \u003c/span\u003eThe first ever BIT was signed between \u003cst1:country-region\r\nw:st=\"on\"\u003ePakistan\u003c/st1:country-region\u003e and \u003cst1:country-region w:st=\"on\"\u003eGermany\u003c/st1:country-region\u003e\r\non 25 November 1959 (the BIT was titled: \u003ci style=\u0027mso-bidi-font-style:normal\u0027\u003e Treaty\r\nbetween the Federal \u003cst1:PlaceType w:st=\"on\"\u003eRepublic\u003c/st1:PlaceType\u003e of \u003cst1:PlaceName\r\nw:st=\"on\"\u003eGermany\u003c/st1:PlaceName\u003e and \u003cst1:place w:st=\"on\"\u003e\u003cst1:country-region\r\n w:st=\"on\"\u003ePakistan\u003c/st1:country-region\u003e\u003c/st1:place\u003e for the Promotion and\r\nProtection of Investments    \u003c/i\u003eaccessible here:\u003c/span\u003e\u003cspan style=\u0027mso-bidi-font-size:\r\n10.0pt\u0027\u003e\u003ca\r\nhref=\"https://investmentpolicy.unctad.org/international-investment-agreements/%20treaty-files/1387/download\"\u003ehttps://investmentpolicy.unctad.org/international-investment-agreements/\r\ntreaty-files/1387/download\u003c/a\u003e\u003c/span\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;\r\nfont-family:\"Times New Roman\"\u0027\u003e ).\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nclass=MsoFootnoteReference\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;font-family:\r\n\"Times New Roman\";vertical-align:baseline\u0027\u003e12\u003c/span\u003e\u003c/span\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e \u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e     \u003c/span\u003ePlease see ICSID case database for\r\ninformation on the eight ICSID arbitrations against the State of Pakistan\r\nbetween 1987 and 2013: https://icsid. World bank.org/cases/case-database and \u003c/span\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt\u0027\u003e\u003ca\r\nhref=\"https://icsid.worldbank.org/about/member-states/database-of-member-states/member-state-details?state=ST105\"\u003ehttps://icsid.worldbank.org/about/member-states/database-of-member-states/member-state-details?state=ST105\u003c/a\u003e\u003c/span\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e with the ninth\r\none having been initiated very recently (12 October 2021) by a Turkish investor\r\nunder the 1995 \u003cst1:place w:st=\"on\"\u003e\u003cst1:country-region w:st=\"on\"\u003eTurkey\u003c/st1:country-region\u003e\u003c/st1:place\u003e\r\n  Pakistan BIT.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nclass=MsoFootnoteReference\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;font-family:\r\n\"Times New Roman\";vertical-align:baseline\u0027\u003e13\u003c/span\u003e\u003c/span\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e \u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e     \u003c/span\u003e\u003ca\r\nhref=\"https://www.supremecourt.uk/cases/docs/uksc-2009-0165-judgment.pdf\"\u003e\u003cspan\r\nstyle=\u0027color:windowtext\u0027\u003ehttps://www.supremecourt.uk/cases/docs/uksc-2009-0165-judgment.pdf\u003c/span\u003e\u003c/a\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB align=center style=\u0027margin-bottom:0in;margin-bottom:.0001pt;\r\ntext-align:center\u0027\u003e\u003cspan style=\u0027font-size:5.0pt;mso-bidi-font-size:10.0pt;\r\nfont-family:\"Times New Roman\"\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB align=center style=\u0027margin-bottom:0in;margin-bottom:.0001pt;\r\ntext-align:center\u0027\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e******\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltK\u003e\u003cspan style=\u0027font-size:12.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003e\u003cst1:country-region w:st=\"on\"\u003e\u003cst1:place\r\n w:st=\"on\"\u003ePakistan\u003c/st1:place\u003e\u003c/st1:country-region\u003e\u0027s success in defending\r\nitself against arbitral claims in this period did not however, translate into\r\nenduring, robust institutional capacity. Indeed, the worst indeed came (as\r\npredicted by Mr. Khan - our \u003ci\u003eArgentinian \u003c/i\u003emoment as it were) and in the\r\ndecade after (2010-2020) following Mr. Khan\u0027s departure from government\u003csup\u003e14\u003c/sup\u003e,\r\n\u003cst1:country-region w:st=\"on\"\u003e\u003cst1:place w:st=\"on\"\u003ePakistan\u003c/st1:place\u003e\u003c/st1:country-region\u003e\r\nwas left rudderless with grave consequences. \u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltK\u003e\u003cspan style=\u0027font-size:12.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003eBy the time the next two big cases\r\nagainst the state were filed in late 2011 (\u003ci\u003eTethyan\u003c/i\u003e) and 2013 (\u003ci\u003eKarkey\u003c/i\u003e),\r\none case was completely outsourced by the Government of Pakistan to a private\r\nPakistani counsel and his firm who assembled a team of international lawyers\r\nand was in charge of the entire case virtually on his own with minimal\r\ninvolvement and oversight of the Office of the Attorney-General for Pakistan\r\n(OAGP)\u003csup\u003e15\u003c/sup\u003e for the critical opening period between 2011-2014.\u003csup\u003e16\u003c/sup\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB align=center style=\u0027margin-bottom:0in;margin-bottom:.0001pt;\r\ntext-align:center\u0027\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e******\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nclass=MsoFootnoteReference\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;font-family:\r\n\"Times New Roman\";vertical-align:baseline\u0027\u003e14\u003c/span\u003e\u003c/span\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e \u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e     \u003c/span\u003eFrom defending the State against arbitral\r\nclaims as the Attorney-General, Mr.\u0026nbsp;Khan switched to representing\r\nclaimants against the State after he stepped down as the Attorney-General\r\nincluding representing the claimant Tethyan Copper Company Pty Ltd. in the\r\nTethyan case between 2012 and 2015. See \u003ca\r\nhref=\"https://www.iareporter.com/arbitrator/Khan\"\u003ehttps://www.iareporter.com/arbitrator/Khan\u003c/a\u003e\r\nand \u003ca\r\nhref=\"https://www.italaw.com/%20arbitrator/makhdoom-ali-khan.%20See%20interview%20number%2031%20In%20Conversation%20with%20Neil%20accessible%20to%20Delos%20members%20at:%20https:/member-delosdr.org/video-neil-conversation-31\"\u003ehttps://www.italaw.com/\r\narbitrator/makhdoom-ali-khan. See interview number 31 In Conversation with Neil\r\naccessible to Delos members at: https://member-delosdr.org/video-neil-conversation-31\u003c/a\u003e\u003cu\u003e-makhdoom-ali-khan/\u003c/u\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nclass=MsoFootnoteReference\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;font-family:\r\n\"Times New Roman\";vertical-align:baseline\u0027\u003e15\u003c/span\u003e\u003c/span\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e \u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e     \u003c/span\u003e\u003ca href=\"https://www.agfp.gov.pk\"\u003e\u003cspan\r\nstyle=\u0027color:windowtext\u0027\u003ehttps://www.agfp.gov.pk\u003c/span\u003e\u003c/a\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nclass=MsoFootnoteReference\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;font-family:\r\n\"Times New Roman\";vertical-align:baseline\u0027\u003e16\u003c/span\u003e\u003c/span\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e \u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e     \u003c/span\u003e\u003cspan style=\u0027color:black\u0027\u003eThis was the time\r\nwhen \u003cst1:country-region w:st=\"on\"\u003ePakistan\u003c/st1:country-region\u003e nominated Lord\r\nL.H. Hoffmann as \u003cst1:country-region w:st=\"on\"\u003e\u003cst1:place w:st=\"on\"\u003ePakistan\u003c/st1:place\u003e\u003c/st1:country-region\u003e s\r\narbitrator on the \u003ci style=\u0027mso-bidi-font-style:normal\u0027\u003eTethyan\u003c/i\u003e ICSID\r\npanel. Lord Hoffmann was also on the panel of arbitrators that handed down an\r\napproximately US$ 6.6 Billion award in January 2017 against \u003cst1:country-region\r\nw:st=\"on\"\u003e\u003cst1:place w:st=\"on\"\u003eNigeria\u003c/st1:place\u003e\u003c/st1:country-region\u003e in\r\nrelating to the gas industry and like the \u003ci style=\u0027mso-bidi-font-style:normal\u0027\u003eTethyan\u003c/i\u003e\r\ncase where there was no operational project on the ground. See \u003c/span\u003e\u003ca\r\nhref=\"https://www.bloomberg.com/news/features/2019-09-04/is-one-of-the-world-s-biggest-lawsuits-built-on-a-sham\"\u003e\u003cspan\r\nstyle=\u0027color:windowtext\u0027\u003ehttps://www.bloomberg.com/news/features/2019-09-04/is-one-of-the-world-s-biggest-lawsuits-built-on-a-sham\u003c/span\u003e\u003c/a\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB align=center style=\u0027margin-bottom:0in;margin-bottom:.0001pt;\r\ntext-align:center\u0027\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB align=center style=\u0027margin-bottom:0in;margin-bottom:.0001pt;\r\ntext-align:center\u0027\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e******\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltK\u003e\u003cspan style=\u0027font-size:12.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003eIn the other case (\u003ci\u003eKarkey\u003c/i\u003e),\r\nfootnote 2 of the Award dated \u003cspan\r\nstyle=\u0027mso-spacerun:yes\u0027\u003e                  \u003c/span\u003e22 August 2017\u003csup\u003e17\u003c/sup\u003e\r\nis telling of the state of affairs at the OAGP in \u003cspan\r\nstyle=\u0027mso-spacerun:yes\u0027\u003e                \u003c/span\u003emid-2013:\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB\u003e\u003ci\u003e\u003cspan style=\u0027font-size:12.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003e\u0026quot;On 1 July 2013, the Secretariat\r\nreceived a letter by mail from Pakistan indicating that it forwarded \u0026quot;vide\r\nmail dated 10 June, 2013 the proposal of the appointment of Co-Arbitrator and\r\nthe Presiding Arbitrator as Mr. Rashidin Nawaz Qasuri, Advocate, Supreme Court\r\nand Mr. Justice (R) Khalil-Ur-Rehman Ramday, former Judge of the Supreme Court\r\nof Pakistan respectively.\u0026quot; On 2 July 2013, the Secretary-General\r\nacknowledged receipt of the 1 July 2013 letter and notified the Parties that it\r\nnever received any such communication prior to 1 July 2013. In the\r\nSecretary-General\u0027s 2 July 2013 letter, she also noted that the Secretariat had\r\nsent multiple communications in June 2013 to the Parties regarding the\r\nappointment of the remaining arbitrators. As there was no response to the June\r\n2013 letters, the Secretariat proceeded with the appointments of the missing\r\narbitrators by the Chairman of the Administrative Council in accordance with\r\nArticle 38 of the ICSID Convention. On 8 July 2013, the Claimant sent a letter\r\ninforming the Secretary-General that it did not agree to the replacement of Sir\r\nDavid A.O. Edward pursuant to ICSID Arbitration Rule 7, and it did not concur\r\nin the appointment of Mr. Justice (R) Khalil-Ur-Rehman Ramday nor the naming a\r\nPakistani national as a Member of the Tribunal\u0026quot;.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/i\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltK\u003e\u003cspan style=\u0027font-size:12.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003eWhat the above indicates is that the OAGP\r\ndid not know that under the ICSID convention and arbitration rules, a state\r\ncannot appoint its own national as arbitrator on an ICSID panel in an ICSID\r\narbitration against the state itself. This also indicates a lack of\r\ncommunication between the OAGP and the \u003ci\u003eTethyan \u003c/i\u003eteam in place at the\r\ntime.\u003csup\u003e18\u003c/sup\u003e At the time, the OAGP personnel did not even have secure\r\nofficial email addresses with apparently internal and confidential documents\r\nending up with the other side in at least one case. There was no system of\r\nrecord-keeping (in fact, in some cases records were kept outdoors exposed to\r\nthe elements and rotting away) and there were other shortcomings in terms of\r\nbasic understanding, infrastructure and facilities.\u003csup\u003e19\u003c/sup\u003e Ultimately, in\r\nterms of institution building and institutional memory, it appears that gains\r\nmade between 2001 to 2007 were rather temporary.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB align=center style=\u0027margin-bottom:0in;margin-bottom:.0001pt;\r\ntext-align:center\u0027\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e******\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nclass=MsoFootnoteReference\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;font-family:\r\n\"Times New Roman\";vertical-align:baseline\u0027\u003e17\u003c/span\u003e\u003c/span\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e \u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e     \u003c/span\u003e\u003ca\r\nhref=\"https://www.italaw.com/sites/default/files/case-documents/italaw9767.pdf\"\u003e\u003cspan\r\nstyle=\u0027color:windowtext\u0027\u003ehttps://www.italaw.com/sites/default/files/case-documents/italaw9767.pdf\u003c/span\u003e\u003c/a\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nclass=MsoFootnoteReference\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;font-family:\r\n\"Times New Roman\";vertical-align:baseline\u0027\u003e18\u003c/span\u003e\u003c/span\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e \u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e     \u003c/span\u003eIn 2011 ICSID Case No. ARB/11/8 \u003ci\r\nstyle=\u0027mso-bidi-font-style:normal\u0027\u003eAgility v. Pakistan\u003c/i\u003e also commenced,\r\nwhich was ultimately decided in \u003cst1:country-region w:st=\"on\"\u003e\u003cst1:place w:st=\"on\"\u003ePakistan\u003c/st1:place\u003e\u003c/st1:country-region\u003e s\r\nfavour (Award dated: 1 August 2016) because the claimant company accepted that\r\nthe Tribunal lacked jurisdiction because the 1983 BIT (Kuwait-Pakistan) had\r\nnever entered into force. This was two years after the Tribunal had first\r\nupheld jurisdiction in early 2013 (See \u003ca\r\nhref=\"https://www.iareporter.com/articles/jurisdiction-is-upheld-in-claim-by-logistics-company-agility-warehousing-against-pakistan/\"\u003e\u003cspan\r\nstyle=\u0027color:windowtext\u0027\u003ehttps://www.iareporter.com/articles/jurisdiction-is-upheld-in-claim-by-logistics-company-agility-warehousing-against-pakistan/\u003c/span\u003e\u003c/a\u003e\r\n). In what is another indication of the deplorable state of affairs at the OAGP\r\nin early 2013, footnote 1 of the 1 August 2016 Award (available with the author\r\non file) states: \u003ci style=\u0027mso-bidi-font-style:normal\u0027\u003e On 11 April 2013, the\r\nRespondent filed an Application for Annulment of the Decision on Jurisdiction.\r\nOn 15 April 2013, the Secretary-General informed the Parties that the\r\napplication for annulment could not be registered under Article 52 of the ICSID\r\nConvention because the Decision on Jurisdiction was not an award under Article\r\n53 of the ICSID Convention \u003c/i\u003e.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nclass=MsoFootnoteReference\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;font-family:\r\n\"Times New Roman\";vertical-align:baseline\u0027\u003e19\u003c/span\u003e\u003c/span\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e \u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e     \u003c/span\u003eThese are the author s own observations and\r\nrecollections from the time he worked closely with the OAGP (between 2015 and\r\n2019).\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB align=center style=\u0027margin-bottom:0in;margin-bottom:.0001pt;\r\ntext-align:center\u0027\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB align=center style=\u0027margin-bottom:0in;margin-bottom:.0001pt;\r\ntext-align:center\u0027\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e******\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltK\u003e\u003cspan style=\u0027font-size:12.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003eWhile the OAGP was in control of and\r\nsuccessfully resolved multiple complex ICSID and other international litigation\r\nand arbitrations between 2000-2010, it struggled during much of the subsequent\r\ndecade. It would appear that little in the way of transfer of knowledge took\r\nplace within the institution, and in what is quite typical of post-colonial\r\ncountries such as Pakistan, a handful of personalities (and one personality in\r\nthis case) can make a world of a difference as far as an institution\u0027s and indeed,\r\nthe country\u0027s performance is concerned.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltK style=\u0027line-height:12.1pt;mso-line-height-rule:exactly\u0027\u003e\u003cspan\r\nstyle=\u0027font-size:12.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003cspan style=\u0027mso-tab-count:\r\n1\u0027\u003e       \u003c/span\u003eAgainst this backdrop, in 2014-2015, a dedicated department\r\n(what Mr. Khan had mentioned in his interview above) and the precursor\r\ndepartment / unit to what later came to be known as the International Disputes\r\nUnit (IDU) was set up within the OAGP to keep track of and supervise ongoing\r\narbitrations involving the State of Pakistan. The IDU began operations in 2015\r\nunder the then-Attorney-General Mr. Salman Aslam Butt.\u003csup\u003e20\u003c/sup\u003e However,\r\nbetween 2014 and 2015, because of capacity constraints, the well-known,\r\n\u0026quot;magic circle\u0026quot; international law firm of Allen \u0026amp; Overy, LLP was\r\nengaged by the OAGP to represent Pakistan and take the lead in at least four\r\ndisputes including \u003ci\u003eKarkey\u003c/i\u003e and\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003e\u003ci\u003eTethyan\u003csup\u003e21\u003c/sup\u003e\u003c/i\u003e\r\n\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltK style=\u0027line-height:12.1pt;mso-line-height-rule:exactly\u0027\u003e\u003cspan\r\nstyle=\u0027font-size:12.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003cspan style=\u0027mso-tab-count:\r\n1\u0027\u003e       \u003c/span\u003eThough the IDU is responsible for overseeing all international\r\narbitration matters involving the State of Pakistan or any of the Federal\r\nGovernment divisions and ministries, despite steady improvements, it remains\r\nunder-staffed and capacity issues remain.\u003csup\u003e22\u003c/sup\u003e The IDU\u0027s most important\r\nachievement to date has been to successfully settle the \u003ci\u003eKarkey \u003c/i\u003ecase\r\nwithout Pakistan having to pay Karkey anything.\u003csup\u003e23\u003c/sup\u003e Given the\r\nUS$\u0026nbsp;1\u0026nbsp;billion plus award (with accrued damages as of the date of\r\nsettlement), this is a significant achievement.\u003csup\u003e24\u003c/sup\u003e \u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB align=center style=\u0027margin-bottom:0in;margin-bottom:.0001pt;\r\ntext-align:center\u0027\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e******\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nclass=MsoFootnoteReference\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;font-family:\r\n\"Times New Roman\";vertical-align:baseline\u0027\u003e20\u003c/span\u003e\u003c/span\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e \u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e     \u003c/span\u003eThe first head of the IDU (not called that\r\nat the time) was Mr. Faisal Habib Khan, a current partner at the law firm\r\nCornelius, Lane and Mufti. The current Head, IDU, Mr. Ahmad Irfan Aslam\r\nsucceeded Mr. Khan in late 2016.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nclass=MsoFootnoteReference\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;font-family:\r\n\"Times New Roman\";vertical-align:baseline\u0027\u003e21\u003c/span\u003e\u003c/span\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e \u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e     \u003c/span\u003eBetween 2015 and 2020, Allen and Overy\r\nrepresented Pakistan in two ICSID cases (\u003ci style=\u0027mso-bidi-font-style:normal\u0027\u003eKarkey\u003c/i\u003e\r\nand \u003ci style=\u0027mso-bidi-font-style:normal\u0027\u003eTethyan\u003c/i\u003e), two PCA-UNCITRAL gas\r\nsector \u003ci style=\u0027mso-bidi-font-style:normal\u0027\u003eAllawi\u003c/i\u003e arbitrations as well as\r\nthe National Accountability Bureau (NAB) \u003ci style=\u0027mso-bidi-font-style:normal\u0027\u003eBroadsheet\r\nLLC\u003c/i\u003e arbitration under the \u003ci style=\u0027mso-bidi-font-style:normal\u0027\u003eChartered\r\nInstitute of Arbitration Rules\u003c/i\u003e.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nclass=MsoFootnoteReference\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;font-family:\r\n\"Times New Roman\";vertical-align:baseline\u0027\u003e22\u003c/span\u003e\u003c/span\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e \u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e     \u003c/span\u003e\u003ca\r\nhref=\"https://tribune.com.pk/story/2048693/agp-office-understaffed-deal-international-disputes\"\u003e\u003cspan\r\nstyle=\u0027letter-spacing:.1pt\u0027\u003ehttps://tribune.com.pk/story/2048693/agp-office-understaffed-deal-international-disputes\u003c/span\u003e\u003c/a\u003e\r\nThere is also the issue of jurisdiction and coordination between the OAGP and\r\nthe Law and Justice Division. As per the Federal Government Rules of Business,\r\n1973, (accessible here: \u003cspan style=\u0027mso-field-code:HYPERLINK\u0027\u003e\u003cspan\r\nclass=MsoHyperlink\u003ehttps://www.cabinet. gov.pk/SiteImage/\r\nMisc/files/ROB%20(As%20amended%20up%20to%201st%20December%2C%202021).pdf\u003c/span\u003e\u003c/span\u003e\r\n- Schedule II [Rule 3(3)] \u003ci style=\u0027mso-bidi-font-style:normal\u0027\u003eDistribution of\r\nBusiness among the Divisions\u003c/i\u003e), the Law and Justice Division (at serial\r\nnumber 21), is responsible for \u003ci style=\u0027mso-bidi-font-style:normal\u0027\u003e dealings\r\nand agreements with other countries and International orginizations in judicial\r\nand legal matters \u003c/i\u003e (entry number 4 under serial number 21 of the Schedule)\r\nand \u003ci style=\u0027mso-bidi-font-style:normal\u0027\u003e Arbitration in respect of Federal\r\nareas and International arbitration  \u003c/i\u003e(entry number 17 under serial number\r\n21 of the Schedule). The proviso of Rule 14(2) however, states that \u003ci\r\nstyle=\u0027mso-bidi-font-style:normal\u0027\u003e Provided that for the purpose of settlement\r\nof its disputes through arbitration at national and international level, the\r\nDivision concerned may make direct consultation with the Attorney-General for \u003cst1:country-region\r\nw:st=\"on\"\u003e\u003cst1:place w:st=\"on\"\u003ePakistan\u003c/st1:place\u003e\u003c/st1:country-region\u003e \u003c/i\u003e.\r\nAs things stand now, it is the IDU housed at the OAGP that has complete\r\nvisibility of all international arbitration matters involving the State of\r\nPakistan.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nclass=MsoFootnoteReference\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;font-family:\r\n\"Times New Roman\";vertical-align:baseline\u0027\u003e23\u003c/span\u003e\u003c/span\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e \u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e     \u003c/span\u003e\u003ca href=\"https://www.italaw.com/cases/2024\"\u003e\u003cspan\r\nstyle=\u0027color:windowtext\u0027\u003ehttps://www.italaw.com/cases/2024\u003c/span\u003e\u003c/a\u003e Luckily\r\nfor \u003cst1:country-region w:st=\"on\"\u003ePakistan\u003c/st1:country-region\u003e, the \u003ci\r\nstyle=\u0027mso-bidi-font-style:normal\u0027\u003eKarkey\u003c/i\u003e case was settled in late 2019\r\nwith \u003cst1:country-region w:st=\"on\"\u003e\u003cst1:place w:st=\"on\"\u003ePakistan\u003c/st1:place\u003e\u003c/st1:country-region\u003e\r\nnot having to pay anything. See \u003ca\r\nhref=\"https://globalarbitrationreview.com/pakistan-settles-billion-dollar-award-without-payment\"\u003e\u003cspan\r\nstyle=\u0027color:windowtext\u0027\u003ehttps://globalarbitrationreview.com/pakistan-settles-billion-dollar-award-without-payment\u003c/span\u003e\u003c/a\u003e\u003cu\u003e\r\n\u003c/u\u003e. Recently, an in-principle,  framework agreement  has also been reached\r\nwith the owners of the Tethyan Copper Company Pty Ltd. (a joint venture entity\r\nheld equally 50:50 by the owners -- Barrick Gold Corporation and Antofagasta\r\nPlc - see \u003ca\r\nhref=\"https://www.barrick.com/English/news/news-details/%202022/barrick-pakistan-and-balochistan-agree-in-principle-to-restart-reko-diq-project/default.aspx\"\u003ehttps://www.barrick.com/English/news/news-details/\r\n2022/barrick-pakistan-and-balochistan-agree-in-principle-to-restart-reko-diq-project/default.aspx\u003c/a\u003e\r\nand \u003ca\r\nhref=\"https://www.antofagasta.co.uk/investors/news/2022/%20antofagasta-agrees-in-principle-to-exit-reko-diq-project-in-pakistan/\"\u003ehttps://www.antofagasta.co.uk/investors/news/2022/\r\nantofagasta-agrees-in-principle-to-exit-reko-diq-project-in-pakistan/\u003c/a\u003e )\r\nleading to a possible settlement of the \u003ci style=\u0027mso-bidi-font-style:normal\u0027\u003eTethyan\u003c/i\u003e\r\ncase (or \u003ci style=\u0027mso-bidi-font-style:normal\u0027\u003ecases\u003c/i\u003e as alongside the \u003ci\r\nstyle=\u0027mso-bidi-font-style:normal\u0027\u003eTethyan\u003c/i\u003e ICSID case, there is a parallel\r\nICC arbitration as well) with Barrick acting as the main operator of the\r\neventual mining project and Antofagasta receiving a settlement payout of US$\r\n900 Million. From the press releases of both claimant parties, it appears that\r\nthere is still a lot to do before  definitive agreements  are concluded\r\nsettling both \u003ci style=\u0027mso-bidi-font-style:normal\u0027\u003eTethyan\u003c/i\u003e cases. The \u003ci\r\nstyle=\u0027mso-bidi-font-style:normal\u0027\u003eTethyan\u003c/i\u003e ICSID case is otherwise,\r\ncurrently pending with post-award, \u003ci style=\u0027mso-bidi-font-style:normal\u0027\u003eannulment\u003c/i\u003e\r\nas well as \u003ci style=\u0027mso-bidi-font-style:normal\u0027\u003erevision\u003c/i\u003e proceedings\r\nunderway.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nclass=MsoFootnoteReference\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;font-family:\r\n\"Times New Roman\";vertical-align:baseline\u0027\u003e24\u003c/span\u003e\u003c/span\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e \u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e     \u003c/span\u003eIn the decade 2010-2020, \u003ci\r\nstyle=\u0027mso-bidi-font-style:normal\u0027\u003eAgility\u003c/i\u003e can also be seen as a victory\r\nfor \u003cst1:country-region w:st=\"on\"\u003e\u003cst1:place w:st=\"on\"\u003ePakistan\u003c/st1:place\u003e\u003c/st1:country-region\u003e.\r\n\u003cst1:country-region w:st=\"on\"\u003ePakistan\u003c/st1:country-region\u003e s costs in the\r\namount of US$ 6,362,844.59 were ordered to be paid by the Claimant although one\r\nwonders whether \u003cst1:country-region w:st=\"on\"\u003e\u003cst1:place w:st=\"on\"\u003ePakistan\u003c/st1:place\u003e\u003c/st1:country-region\u003e\r\nshould have racked up these costs (US$ 4,967,306 in \u003ci style=\u0027mso-bidi-font-style:\r\nnormal\u0027\u003ePakistan Law Firm s Fees and Disbursements\u003c/i\u003e) to begin with given the\r\nstatus of the underlying BIT never having come into force. Similarly, two\r\nPCA-UNCITRAL, gas sector (LPG) \u003ci style=\u0027mso-bidi-font-style:normal\u0027\u003eAllawi\u003c/i\u003e\r\narbitrations against \u003cst1:country-region w:st=\"on\"\u003ePakistan\u003c/st1:country-region\u003e\r\n(both decided on 30 August 2016) were clear victories for \u003cst1:place w:st=\"on\"\u003e\u003cst1:country-region\r\n w:st=\"on\"\u003ePakistan\u003c/st1:country-region\u003e\u003c/st1:place\u003e.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB align=center style=\u0027margin-bottom:0in;margin-bottom:.0001pt;\r\ntext-align:center\u0027\u003e\u003cspan style=\u0027font-size:6.0pt;mso-bidi-font-size:10.0pt;\r\nfont-family:\"Times New Roman\"\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB align=center style=\u0027margin-bottom:0in;margin-bottom:.0001pt;\r\ntext-align:center\u0027\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e******\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltK\u003e\u003cspan style=\u0027font-size:12.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003eAs \u003cst1:country-region w:st=\"on\"\u003e\u003cst1:place\r\n w:st=\"on\"\u003ePakistan\u003c/st1:place\u003e\u003c/st1:country-region\u003e looks towards the future,\r\na clear understanding and sense of history is thus required to understand the\r\nwider ISDS system and its evolution over the last twenty-five years. A common\r\nargument in support of the ISDS system is that it is a means for a State to\r\nencourage foreign investment into its territory especially from the \u003cst1:place\r\nw:st=\"on\"\u003e\u003cst1:PlaceName w:st=\"on\"\u003eContracting\u003c/st1:PlaceName\u003e \u003cst1:PlaceType\r\n w:st=\"on\"\u003eState\u003c/st1:PlaceType\u003e\u003c/st1:place\u003e party to an IIA. While this\r\nargument is still repeated by many involved in the system, consensus is\r\nbeginning to emerge that this is just not true. The latest comprehensive\r\neconomic research on the causal link between States executing IIAs and such\r\nIIAs leading to more FDI denies such a link by carrying out a \u0026quot;\u003ci\u003emeta-analysis\r\nof the effects of international investment agreements for the protection of\r\nforeign investors on foreign direct investment using 2017 estimates drawn from\r\n74 studies\u003c/i\u003e\u0026quot;. The research published in September 2020 in the Journal\r\nof Economic Surveys is titled \u0026quot;Does Investor Protection Increase Foreign\r\nDirect Investment? A Meta-Analysis\u0026quot;\u003csup\u003e25\u003c/sup\u003e by two economists\r\nassociated with the CERGE-Economic Institute of the Czech Academy of Sciences\r\nand \u003cst1:place w:st=\"on\"\u003e\u003cst1:PlaceName w:st=\"on\"\u003eCharles\u003c/st1:PlaceName\u003e \u003cst1:PlaceName\r\n w:st=\"on\"\u003eUniversity\u003c/st1:PlaceName\u003e\u003c/st1:place\u003e. \u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltK\u003e\u003cspan style=\u0027font-size:12.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003eThe research concludes by stating that\r\n\u0026quot;\u003ci\u003eOur meta-synthesis, presented in Table 3, indicates that   , all types\r\nof international treaties, bilateral investment treaties, multilateral\r\ninvestment treaties, bilateral trade agreements and multilateral trade\r\nagreements have an effect on FDI that is so small as to be considered as\r\nnegligible or zero\u003c/i\u003e\u0026quot;. Over the last few years, more evidence has come\r\nforward that shows that providing investors with access to arbitration in\r\ninvestment treaties does not lead to additional investment.\u003csup\u003e26\u003c/sup\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltK\u003e\u003cspan style=\u0027font-size:12.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003eIn this light, Pakistan should instead\r\nfocus on rethinking its World Bank driven \u0026quot;ease of doing business\u0026quot;\r\nrankings approach to economic policy and reform, which appears to have been\r\nhard-wired into the Pakistani system over the last ten years at every level within\r\nthe Federal Board of Investment (BOI)\u003csup\u003e27\u003c/sup\u003e as well as provincial BOIs\r\nand other government departments and ministries. As things stand now of course,\r\nThe World Bank itself has put an end to the Doing Business Report over data\r\nirregularities.\u003csup\u003e28\u003c/sup\u003e One size certainly does not fit all especially as\r\nfar as increasing FDI is concerned and the \u0026quot;ease of doing\r\nbusiness\u0026quot;/\u0026quot;one-window\u0026quot;/\u0026quot;one-stop\r\nshop\u0026quot;/\u0026quot;regulatory guillotine\u0026quot;\u003csup\u003e29\u003c/sup\u003e mentality and\r\noffering a new, updated and modern model BIT will not get us there.\u003csup\u003e30\u003c/sup\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB align=center style=\u0027margin-bottom:0in;margin-bottom:.0001pt;\r\ntext-align:center\u0027\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e******\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nclass=MsoFootnoteReference\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;font-family:\r\n\"Times New Roman\";vertical-align:baseline\u0027\u003e25\u003c/span\u003e\u003c/span\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e \u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e     \u003c/span\u003e\u003ca\r\nhref=\"https://onlinelibrary.wiley.com/doi/epdf/10.1111/joes.12392\"\u003e\u003cspan\r\nstyle=\u0027color:windowtext\u0027\u003ehttps://onlinelibrary.wiley.com/doi/epdf/10.1111/joes.12392\u003c/span\u003e\u003c/a\u003e\u003cspan\r\nstyle=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nclass=MsoFootnoteReference\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;font-family:\r\n\"Times New Roman\";vertical-align:baseline\u0027\u003e26\u003c/span\u003e\u003c/span\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e \u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e     \u003c/span\u003eSee J. Bonnitcha, Lauge N. S. Poulsen and\r\nM. Waibel  The Political Economy of the Investment Treaty Regime  (Oxford 2017).\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nclass=MsoFootnoteReference\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;font-family:\r\n\"Times New Roman\";vertical-align:baseline\u0027\u003e27\u003c/span\u003e\u003c/span\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e \u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e     \u003c/span\u003e\u003ca href=\"https://invest.gov.pk/\"\u003e\u003cspan\r\nstyle=\u0027color:windowtext\u0027\u003ehttps://invest.gov.pk\u003c/span\u003e\u003c/a\u003e\u003cu\u003e \u003c/u\u003e.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nclass=MsoFootnoteReference\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;font-family:\r\n\"Times New Roman\";vertical-align:baseline\u0027\u003e28\u003c/span\u003e\u003c/span\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e \u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e     \u003c/span\u003e\u003ca\r\nhref=\"https://www.theasset.com/article-esg/41636/world-bank-should-stop-doing-business\"\u003ehttps://www.theasset.com/article-esg/41636/world-bank-should-stop-doing-business\u003c/a\u003e\u003cspan\r\nclass=MsoHyperlink\u003e \u003c/span\u003eand \u003ca\r\nhref=\"https://www.worldbank.org/en/news/statement/2021/09/16/world-bank-group-to-discontinue-doing-business-report\"\u003ehttps://www.worldbank.org/en/news/statement/2021/09/16/world-bank-group-to-discontinue-doing-business-report\u003c/a\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nclass=MsoFootnoteReference\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;font-family:\r\n\"Times New Roman\";vertical-align:baseline\u0027\u003e29\u003c/span\u003e\u003c/span\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e \u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e     \u003c/span\u003e\u003ca\r\nhref=\"https://business.gov.pk/brief-for-the-meeting-on-regulatory-guillotine/\"\u003ehttps://business.gov.pk/brief-for-the-meeting-on-regulatory-guillotine/\u003c/a\u003e\r\nand \u003ca href=\"https://invest.gov.pk/node/1813\"\u003ehttps://invest.gov.pk/node/1813\u003c/a\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nclass=MsoFootnoteReference\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;font-family:\r\n\"Times New Roman\";vertical-align:baseline\u0027\u003e30\u003c/span\u003e\u003c/span\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e \u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e     \u003c/span\u003e\u003ca\r\nhref=\"https://www.brecorder.com/news/40128760/boi-begins-dialogue-with-bit-partners\"\u003e\u003cspan\r\nstyle=\u0027color:windowtext\u0027\u003ehttps://www.brecorder.com/news/40128760/boi-begins-dialogue-with-bit-partners\u003c/span\u003e\u003c/a\u003e\r\nThe new model BIT is not available publicly and no public consultation appears\r\nto have taken place in its finalization. Even otherwise, the recent \u003ci\r\nstyle=\u0027mso-bidi-font-style:normal\u0027\u003eEco Oro\u003c/i\u003e award (see ICSID Case No.\r\nARB/16/41 - \u003cspan style=\u0027mso-field-code:HYPERLINK\u0027\u003e\u003cspan class=MsoHyperlink\u003ehttps://www.italaw.\r\ncom/cases/6320\u003c/span\u003e\u003c/span\u003e ) serves as a reminder on the limitations of new,\r\n balanced  and  reformed  model texts of IIAs (in this case, the Canada   Colombia\r\nFTA (signed in November 2008 and came into effect in 2011)   see \u003ca\r\nhref=\"https://www.afronomicslaw.org/index.php/category/analysis/arbitral-award-eco-oro-v-colombia-dispute-bad-law\"\u003e\u003cspan\r\nstyle=\u0027color:windowtext\u0027\u003ehttps://www.afronomicslaw.org/index.php/category/analysis/arbitral-award-eco-oro-v-colombia-dispute-bad-law\u003c/span\u003e\u003c/a\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB align=center style=\u0027margin-bottom:0in;margin-bottom:.0001pt;\r\ntext-align:center\u0027\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e******\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltK\u003e\u003cspan style=\u0027font-size:12.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003eIn the context of Pakistan\u0027s experiences\r\nover the past two decades and practical, institutional reform, former\r\nAttorney-General Mr.\u0026nbsp;Khan has advocated for Pakistan to follow the Peru\r\nmodel.\u003csup\u003e31\u003c/sup\u003e\u003cspan style=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003eMr.\u0026nbsp;Khan\u0027s\r\nviews which he shared publicly at the International Law Association, Pakistan\r\nChapter\u0027s lecture event in Islamabad in December 2020\u003csup\u003e32\u003c/sup\u003e (where the\r\nwell-known Freshfields arbitrator/lawyer Ms. Lucy Reed\u003csup\u003e33\u003c/sup\u003e was the\r\nmain guest of honour) do not make much sense as Pakistan already has the IDU in\r\nplace, which has been functioning for almost seven years now. While the IDU\r\nshould pay attention to the Peru SICRECI model and be more transparent and be\r\nconstantly improving its systems and protocols, this obviously cannot be the\r\nonly reform measure or the big solution Pakistan needs given the real exposure\r\nit faces in light of all the BITs still in effect.\u003csup\u003e34\u003c/sup\u003e Personal\r\nmotives whereby a privileged set of elite lawyers and law firms benefit from\r\nhandling continuing disputes involving the State cannot and should not be\r\nPakistan\u0027s path to address debacles like \u003ci\u003eKarkey\u003c/i\u003e and \u003ci\u003eTethyan\u003c/i\u003e.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltK\u003e\u003cspan style=\u0027font-size:12.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003eAs an UNCITRAL Member State,\u003csup\u003e35\u003c/sup\u003e\u003cspan\r\nstyle=\u0027mso-spacerun:yes\u0027\u003e  \u003c/span\u003ePakistan can and should make use of the\r\nUNCITRAL Working Group III (\u003ci\u003eInvestor-State Dispute Settlement Reform\u003c/i\u003e) to\r\nstate its official position in terms of how it views ISDS reform and in\r\nhighlighting issues it has faced vis- -vis two ICSID disputes in particular (\u003ci\u003eKarkey\r\n\u003c/i\u003eand \u003ci\u003eTethyan\u003c/i\u003e) in which it has been involved in the last decade -- two\r\ndecisions that typify the profoundly problematic nature of the ISDS system as a\r\nwhole, especially, vis-a-vis the lack of consistency and coherence; incorrect\r\ndecision-making; the treatment of corruption allegations by arbitral tribunals;\r\narbitrator conflict of interest and determination of quantum of damages by\r\napplying novel valuation methodologies. \u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB align=center style=\u0027margin-bottom:0in;margin-bottom:.0001pt;\r\ntext-align:center\u0027\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e******\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nclass=MsoFootnoteReference\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;font-family:\r\n\"Times New Roman\";vertical-align:baseline\u0027\u003e31\u003c/span\u003e\u003c/span\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e \u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e     \u003c/span\u003eSee\r\nhttps://www.mef.gob.pe/es/acerca-de-las-asociaciones-publico-privadas-apps/sicreci\r\nand \u003ca href=\"https://www.southcentre.int/wp-content/uploads/2016/11/%20IPB6_\"\u003ehttps://www.southcentre.int/wp-content/uploads/2016/11/\r\nIPB6_\u003c/a\u003ePeruvian-State\u0027s-Strategy-for-Addressing-Investor-State-Disputes_EN.pdf\r\nand http://arbitrationblog.kluwerarbitration.com/2020/05/04/protectionist-amendments-to-perus-arbitration-law-disguised-as-transparency/\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nclass=MsoFootnoteReference\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;font-family:\r\n\"Times New Roman\";vertical-align:baseline\u0027\u003e32\u003c/span\u003e\u003c/span\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e \u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e     \u003c/span\u003e\u003ca\r\nhref=\"https://ila-pakistan.org/a-society-for-the-promotion-of-international-law/\"\u003e\u003cspan\r\nstyle=\u0027color:windowtext\u0027\u003ehttps://ila-pakistan.org/a-society-for-the-promotion-of-international-law/\u003c/span\u003e\u003c/a\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nclass=MsoFootnoteReference\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;font-family:\r\n\"Times New Roman\";vertical-align:baseline\u0027\u003e33\u003c/span\u003e\u003c/span\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e \u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e     \u003c/span\u003eLucy Reed is the current president of the\r\nICCA with Mr. Khan being a Governing Board member \u003ca\r\nhref=\"https://www.arbitration-icca.org/icca-governing-and-advisory-board\"\u003ehttps://www.arbitration-icca.org/icca-governing-and-advisory-board\u003c/a\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nclass=MsoFootnoteReference\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;font-family:\r\n\"Times New Roman\";vertical-align:baseline\u0027\u003e34\u003c/span\u003e\u003c/span\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e \u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e     \u003c/span\u003eSee \u0026lt;\u003ca\r\nhref=\"https://investmentpolicy.unctad.org/international-investment-agreements/%20countries/160/pakistan?type=bits\"\u003ehttps://investmentpolicy.unctad.org/international-investment-agreements/\r\ncountries/160/pakistan?type=bits\u003c/a\u003e\u0026gt; Pakistan has currently entered into\r\nfifty-three (53) BITs, out of which thirty-two (32) are in force although it\r\nhas reportedly resolved to terminate twenty-three (23) BITs \u003ca\r\nhref=\"https://www.iisd.org/itn/en/2021/10/07/pakistan-terminates-23-bits/\"\u003e\u003cspan\r\nstyle=\u0027color:windowtext\u0027\u003ehttps://\r\nwww.iisd.org/itn/en/2021/10/07/pakistan-terminates-23-bits/\u003c/span\u003e\u003c/a\u003e A total\r\nof nineteen (19) out of the thirty-two (32) of the Pakistani BITs that are in\r\nforce provide for ICSID as an option vis- -vis investor-State arbitration.\r\nApproximately nine (09) out of the thirty-two (32) of the Pakistani BITs that\r\nare in force provide for non-ICSID investor-State arbitration. Further, around\r\neleven (11) of the Pakistani BITs, that are signed but not in force, provide\r\nICSID as an option for investor-State arbitration. Certain BITs require that\r\ninvestors must resort to domestic courts for resolution of disputes and stipulate\r\ncertain conditions that must be fulfilled, such as negotiations for a specific\r\ntime period or exhaustion of local remedies before initiation of international\r\narbitration.\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB style=\u0027margin-bottom:0in;margin-bottom:.0001pt\u0027\u003e\u003cspan\r\nclass=MsoFootnoteReference\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;font-family:\r\n\"Times New Roman\";vertical-align:baseline\u0027\u003e35\u003c/span\u003e\u003c/span\u003e\u003cspan\r\nstyle=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e \u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e     \u003c/span\u003e\u003cst1:country-region w:st=\"on\"\u003ePakistan\u003c/st1:country-region\u003e\r\nwas a \u003cst1:PlaceName w:st=\"on\"\u003eMember\u003c/st1:PlaceName\u003e \u003cst1:PlaceType w:st=\"on\"\u003eState\u003c/st1:PlaceType\u003e\r\nof the UNCITRAL from 2004 to 2015 and was re-elected to the Commission by the\r\nGeneral Assembly, in \u003cst1:State w:st=\"on\"\u003e\u003cst1:place w:st=\"on\"\u003eNew York\u003c/st1:place\u003e\u003c/st1:State\u003e,\r\nin November 2015, for another six-year term from 2016 to 2022. As is evident\r\nfrom the WG III record, \u003cst1:country-region w:st=\"on\"\u003e\u003cst1:place w:st=\"on\"\u003ePakistan\u003c/st1:place\u003e\u003c/st1:country-region\u003e\r\nhas not made any submission to WG III so far, oral or written. Moreover, it\r\nappears that \u003cst1:country-region w:st=\"on\"\u003e\u003cst1:place w:st=\"on\"\u003ePakistan\u003c/st1:place\u003e\u003c/st1:country-region\u003e\r\nmay not have been elected for another six-year term at the recently held\r\nelections of Member States   see \u003ca\r\nhref=\"https://unis.unvienna.org/unis/en/pressrels/2022/unisl325.html\"\u003ehttps://unis.unvienna.org/unis/en/pressrels/2022/unisl325.html\u003c/a\u003e\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB align=center style=\u0027margin-bottom:0in;margin-bottom:.0001pt;\r\ntext-align:center\u0027\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003co:p\u003e\u0026nbsp;\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltB align=center style=\u0027margin-bottom:0in;margin-bottom:.0001pt;\r\ntext-align:center\u0027\u003e\u003cspan style=\u0027mso-bidi-font-size:10.0pt;font-family:\"Times New Roman\"\u0027\u003e******\u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003cp class=AltK\u003e\u003cspan style=\u0027font-size:12.0pt;font-family:\"Times New Roman\"\u0027\u003e\u003cspan\r\nstyle=\u0027mso-tab-count:1\u0027\u003e       \u003c/span\u003eIn conclusion, the answer as to why\r\nPakistan signed on to such IIAs in the 1990s to begin with (and then came to be\r\nsued on a regular basis under those IIAs in the last two decades) is simple:\r\nlike many other unknowing countries, Pakistan saw executing IIAs (BITs for the\r\nmost part) in the 1990s as convenient \u0026quot;photo opportunities\u0026quot; for its\r\ngovernment officials with the potential to increase much needed FDI. Without\r\nmuch thought, \u003cst1:country-region w:st=\"on\"\u003e\u003cst1:place w:st=\"on\"\u003ePakistan\u003c/st1:place\u003e\u003c/st1:country-region\u003e\r\njoined the bandwagon -- it was simply what other similarly placed developing\r\ncountries were doing. What happened subsequently, in the two contrasting\r\ndecades (2000-2010 and 2010-2020) in terms of defending against the first and\r\nsecond wave of ICSID disputes in specific, serves as essential historical\r\ncontext for Pakistan to learn from -- and there are many valuable lessons out\r\nthere, which require a lot of work on multiple fronts by many different\r\ngovernment entities -- not only IIA reform but institutional reform as well as\r\npolicy and legislative reform. As \u003cst1:country-region w:st=\"on\"\u003e\u003cst1:place\r\n w:st=\"on\"\u003ePakistan\u003c/st1:place\u003e\u003c/st1:country-region\u003e looks towards the future,\r\nproactive measures need to be taken and the danger is that because of\r\nsuccessful settlements over the last two decades, it gets lulled into a false\r\nsense of security. There is no room for complacency. Sensible States (developed\r\nand developing -- form the North and the South) have thought long and hard\r\nabout the many injustices the IIA and ISDS system has given rise to and have\r\ntaken active measures in the last ten years to defend themselves from the\r\nvagaries of the system and to limit their exposure to expensive claims. \u003cst1:country-region\r\nw:st=\"on\"\u003e\u003cst1:place w:st=\"on\"\u003ePakistan\u003c/st1:place\u003e\u003c/st1:country-region\u003e needs\r\nto follow suit and work on formulating coherent policies and strategies. \u003co:p\u003e\u003c/o:p\u003e\u003c/span\u003e\u003c/p\u003e\r\n\r\n\u003c/div\u003e\r\n\r\n\u003c/body\u003e\r\n\r\n\u003c/html\u003e\r\n"