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India skips IWT case proceedings at The Hague

The Hague’s Permanent Court of Arbitrationhas said that India did not respond to an invitation to participate in a hearing and did not appear in proceedings over a case related to the Indus Waters Treaty (IWT) dispute with Pakistan. The IWT of 1960 stands as one of the most carefully negotiated and legally robust transboundary water agreements in modern international law. Concluded between Pakistan and India with the good offices of the World Bank, the treaty was designed to remove water from the volatility of politics and conflict and to anchor it firmly in law, engineering discipline and neutral dispute resolution. It is a binding international instrument governed by the foundational principle of pacta sunt servanda — that treaties must be honoured in good faith. In a press release issued a day ago, the court said it concluded its hearing for the Second Phase on the Merits on February 3 in an arbitration initiated by Pakistan against I...
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South Korea to start reviewing US investment projects ahead of enacting bill

South Korea will set up a committee to conduct preliminary reviews of US investment projects as it seeks to speed up the implementation of a $350 billion investment package pledged under a trade deal with Washington, officials said on Tuesday. The move comes a day after parliament formed a panel to fast-track a bill enabling the investment fund by the end of February, following US President Donald Trump's threat to hike tariffs on South Korea, citing a delay in implementing the deal. "Even if the special bill is passed, it will take an additional three months for implementation after preparations such as the enactment of subordinate laws," Finance Minister Koo Yun-cheol told a policy meeting. To bridge the gap, the government will establish a system to enable a preliminary review of potential projects until the enactment and implementation of the bill, Koo said, adding that any misunderstandings with Washington were undesirable. Koo, who is also deputy prime minister for economic affairs, will lead a temporary team to run the investment fund, while the industry minister will chair the committee conducting preliminary reviews, according to the finance ministry. Read: As EU and India move closer, where does Pakistan stand? Final decisions on selecting investment projects will still be made after the bill is enacted, based on comprehensive consideration of commercial feasibility and foreign exchange market conditions, the ministry said in a statement. Trump said last month he would hike tariffs on autos and other imports from South Korea, blaming a delay in enacting the bill introduced in November - a social media post that caught South Korean officials by surprise. Koo told Reuters in an interview this month that the $350 billion investment package was unlikely to kick off in the first half of 2026, prompting some opposition lawmakers to link the timeframe to Trump's sudden tariff threat. Prime Minister Kim Min-seok told a parliamentary session later on Tuesday that South Korea had not breached the deal. "Nevertheless, we are taking seriously the new pressure created by dissatisfaction on the U.S. side," Kim said. Also Read: Busan summit hits pause on great trade duel During the session, South Korea's Industry Minister said he was told during a recent meeting with U.S. Commerce Secretary Howard Lutnick that there was a possibility of the U.S. normalising tariffs after South Korea enacted the bill. "There are also issues of non-tariff barriers, but we think we will be able to manage those via a separate track," Kim Jung-kwan said. Minister for Trade Yeo Han-koo is scheduled to meet Deputy U.S. Trade Representative Rick Switzer in Seoul on Wednesday to discuss non-tariff barriers, according to the ministry. As part of the trade deal finalised in November, the countries agreed to work together on addressing non-tariff barriers in South Korea's agricultural and digital services sectors, including market access for U.S. meat, online platform regulations and cross-border transfers of location data.

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