India and Uzbekistan signed a Bilateral Investment Treaty, BIT in Tashkent on Friday. The Treaty was signed by Finance Minister Nirmala Sitharaman and Deputy Prime Minister of Uzbekistan, Khodjayev Jamshid Abdukhakimovich. The BIT between India and Uzbekistan assures appropriate protection to Uzbekistan investors in India and Indian investors in Uzbekistan, in light of relevant international precedents and practices.
The Treaty will 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. It also provides for transparency, transfers and compensation for losses.
The Finance Ministry said the signing of the BIT reflects both nations’ shared commitment towards enhancing economic cooperation and creating a more robust and resilient investment environment. The Treaty is expected to pave the way for increased bilateral investments, benefiting businesses and economies in both countries.
