New Delhi, Sep 27 (UNI) India and Uzbekistan on Friday signed a bilateral investment treaty (BIT) to promote and protect investors in each other’s territories.
“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,” an official statement from Finance Ministry said.
The treaty was signed today by Union Minister for Finance and Corporate Affairs Nirmala Sitharaman and H.E. Khodjayev Jamshid Abdukhakimovich, Deputy Prime Minister of Uzbekistan in Tashkent.
The official media release said that the BIT 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 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,” it said.
The BIT is expected to pave the way for increased bilateral investments, benefiting businesses and economies in both countries.
