India asks 68 countries to renegotiate bilateral investment pacts, Rajya Sabha told

NewsDrum Desk
16 Mar 2023

New Delhi, Mar 16 (PTI) India has issued termination notices to 68 countries for Bilateral Investment Treaties with a request to renegotiate on the basis of the model agreement formulated in 2015, the Rajya Sabha was informed on Thursday.

India had signed Bilateral Investment Treaties (BITs) with 83 countries/regions till 2015 based on the Model BIT of 1993 and as amended in 2003, Minister of State for External Affairs Rajkumar Ranjan Singh said in a written reply.

Out of 83 BITs, 74 were ratified, Singh said, adding that notice of termination has been issued to 68 countries/regions with request to renegotiate based on the Model BIT 2015. He said six BITs were still in force.  “After the model BIT of 2015 was approved, India has signed four agreements of which two are in force,” Singh said.

Singh said the ministry has been playing an active role in facilitating investment treaty negotiations.  “The ministry has been coordinating between foreign governments, foreign missions and other departments/ministries of the Government of India for BIT negotiations,” he said.

The ministry has considered the various recommendations of the Standing Committee of External Affairs Report on India's involvement with BITs.  Singh said the government has signed a host country agreement with Permanent Court of Arbitration (PCA) for establishing a regional office in India.  “For capacity building in India in the field of investment treaties, the Ministry of External Affairs along with reputed institutions and international organisations like the PCA, have been organizing capacity building workshops on investment treaties for government officials and legal fraternity,” he said.

The ministry has also set up an Arbitration Cell within the Economic Diplomacy Division with the aim of developing in-house expertise to handle issues pertaining to investment treaties, UNCITRAL, the PCA and other international arbitration related issues. PTI SKU KVK KVK

Read the Next Article