By Asghar Ali Mubarak
ISLAMABAD: Foreign Minister Shah Mahmood Qureshi Friday said that economic diplomacy is an important part of the diplomatic priorities of the federal government.
FM Shah Mehmood Qureshi chaired a high-level session regarding economic diplomacy in Islamabad Yesterday. He announced that the government will establish Economic Diplomacy Division soon.
He said that there was a need to harmonise the diplomacy as per the modern requirements by using the latest technology which will be ensured in the Ministry of Foreign Affairs.
During the meeting, various aspects related to the promotion of economic diplomacy came under consideration.
The foreign minister and the participants of the meeting including Special Assistant to Prime Minister on National Security Moeed Yusuf held discussions related to the performance of strategic communication division and ways to promote economic diplomacy.
Qureshi directed relevant authorities to make Strategic Communication Division more effective.
Qureshi’s remarks come after the Tethyan Cooper Company (TCC) approached the High Court of Justice in the British Virgin Islands for the enforcement of the $5.97 billion award against Pakistan by the International Centre for Settlement of Investment Disputes (ICSID) in the Reko Diq case.
The office of the Attorney General for Pakistan, however, has assured that Pakistan is vigorously contesting these proceedings using all available legal resources.
The government is also engaged to settle the matter amicably.
On November 20, the company had moved the high court for the enforcement of the award which includes attachment of the assets belonging to the Pakistan International Airlines Investment Ltd (PIAIL) — a company which is also incorporated in the British Virgin Islands.
On December 16, the high court had granted a stay order ex-parte without hearing Pakistan, but the government said it will contest the case when it is taken up again on January 7, 2021.
“Without prejudice to such engagements, Pakistan has reiterated that the government will vigorously pursue proceedings initiated by the company in any jurisdiction and the government reaffirms its commitment to protecting national assets wherever they may be located,” a statement by the attorney general’s office said.
The TCC is a 50-50 joint venture of Barrick Gold Corporation of Australia and Antofagasta PLC of Chile whereas the Reko Diq district in southwest Balochistan is famed for its mineral wealth, including gold and copper.
