Modern investment treaty expected by December: Australian HC

Australian High Commissioner Timothy Kane has expressed confidence that negotiations for a modernized Pakistan-Australia bilateral investment treaty will be finalized by December. Describing the agreement as a significant step towards increasing Australian investment in Pakistan, Kane stated that the current treaty, dating back to 1998, requires modernization to meet the evolving needs of both economies.

He emphasized that the completion of the updated treaty would give a favorable signal to Australian investors about investment prospects in Pakistan. Additionally, Kane highlighted the importance of strengthening trade and economic ties between the two nations, referencing a recent meeting in Canberra to discuss improving market access for Pakistani mangoes and better facilities for inspecting mangoes for export to Australia.

Pakistan's agricultural sector, particularly the export of Australian cattle worth nearly one billion Australian dollars last year, was noted as a major area of cooperation. Kane also mentioned the potential for Australian GMO canola to be exported to Pakistan, following its approval. Meanwhile, the Lahore Chamber of Commerce and Industry's President, Faheem Ur Rehman Saigol, expressed optimism that the Australian High Commissioner's visit would boost bilateral trade, investment, and economic cooperation, fostering stronger connections between the business communities of Pakistan and Australia.