Home » DIPLOMACY » Investment Agreements with Foreign Countries

Investment Agreements with Foreign Countries

The existing Indian Bilateral Investment Treaties (BITs) were largely negotiated on the basis of Model BIT text adopted in 1993, and as amended in 2003. The 1993 Model BIT text contained provisions which were susceptible to broad and ambiguous interpretations by arbitral tribunals. Further, significant changes have occurred globally regarding BITs, in general, and investor-state dispute resolution mechanism, in particular. Accordingly, India started the process for review and revision of the earlier Model BIT, and came out with a revised Model BIT version, in December, 2015. Discussion on commencing negotiations on Bilateral Investment Treaty (BIT) or investment agreement based on approved Model BIT text with Russia, USA and EU are ongoing.

BITs help to project India as an attractive Foreign Direct Investment (FDI) destination, as well as protect outbound Indian FDI, by increasing the comfort level and boosting the confidence of investors by assuring a minimum standard of treatment and non-discrimination.

This information was given by the Commerce and Industry Minister Smt. Nirmala Sitharaman in a written reply in Rajya Sabha today.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

x

Check Also

PM Narendra Modi’s Independence Day Speech 2018 – Highlights

India’s Prime Minster Narendra Modi today, August 15, 2018, addressed the nation from the ramparts ...

Bala Venkatesh Varma appointed next ambassador to Russia

D. Bala Venkatesh Varma, currently Indian ambassador to Spain has been appointed the next Ambassador ...

Tuticorin protests beginning of anti-corporate outrage in India?

Mass Murder of Innocent People #IncompetentEPS pic.twitter.com/D7l7j7XDSx — M.K.Stalin (@mkstalin) May 23, 2018 Vedanta-owned Sterlite ...

error: Content is protected !!