India and Uzbekistan Signed BIT

• 03 Oct 2024

Source: HT 

Recently, India and Uzbekistan signed a Bilateral Investment Treaty (BIT) to assure appropriate protection for investors from both countries. 

• It assures a minimum standard of treatment and non-discrimination while offering independent arbitration for dispute resolution. 
• However, both countries have the right to regulate and provide adequate policy space for public interest regulation, without compromising investor protection. 
• India is among the top 10 trade partners of Uzbekistan with bilateral trade USD 756.60 million.  
• Total Indian investments in Uzbekistan amount to USD 61 million.  
  • Notable Indian investments are in the field of pharmaceuticals, amusement parks, automobile components, and hospitality industry. 
• In 2019, India and Uzbekistan agreed to conduct a feasibility study for negotiating a preferential trade agreement (PTA). 
• The 2^nd Prime Minister of India Lal Bahadur Shastri died in Tashkent, Uzbekistan just hours after signing the Tashkent Declaration, which brought a ceasefire in the Indo-Pakistani War of 1965.

Read More: Bilateral Investment Treaties