BIT India, Uzbekistan sign Bilateral Investment Treaty in Tashkent
India and Uzbekistan signed the Bilateral Investment Treaty (BIT) in Tashkent which promises to increase the confidence of investors in both the countries.
The treaty was signed by Union Minister for Finance and Corporate Affairs Nirmala Sitharaman and Khodjayev Jamshid Abdukhakimovich, Deputy Prime Minister of Uzbekistan.
"The BIT between India and Uzbekistan assures appropriate protection to Uzbekistan investors in India and Indian investors in the Republic of Uzbekistan, in light of relevant international precedents and practices," read a statement issued by the Indian government.
"It will increase the comfort level and boost the confidence of investors by assuring a minimum standard of treatment and non-discrimination, while providing for an independent forum for dispute settlement through arbitration," the statement said.
Why BIT is an important treaty?
The BIT also provides for protection to investments from expropriation, provides for transparency, transfers and compensation for losses.
However, while providing such investor and investment protection, balance has been maintained with regard to State’s right to regulate and thereby provides adequate policy space.
The signing of the BIT reflects both nations’ shared commitment towards enhancing economic cooperation and creating a more robust and resilient investment environment.
The BIT is expected to pave the way for increased bilateral investments, benefiting businesses and economies in both countries.
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