India and Uzbekistan formalized a Bilateral Investment Treaty (BIT) on September 27, the Indian Ministry of Finance reports. This agreement marks a significant step towards enhancing investment relations between the two nations.
The treaty was signed by Deputy Prime Minister of Uzbekistan, Jamshid Khojaev, representing the Uzbek government. From the Indian side, the agreement was endorsed by Finance Minister Nirmala Sitharaman.
The BIT is designed to ensure predictability and transparency in investment operations between India and Uzbekistan. It establishes a framework that guarantees equal treatment for entrepreneurs from both countries, safeguarding them against expropriation and discrimination. Furthermore, it allows investors to seek compensation for any incurred losses.
An essential component of the agreement is its provision for the resolution of investment disputes through independent arbitration. This mechanism aims to facilitate fair and impartial dispute resolution, fostering confidence among investors.
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