India and Uzbekistan Signed BIT | 03 Oct 2024
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 2nd 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