Major agreement signed between India and Uzbekistan
When one begins to turn the pages of Indian history, many of its chapters open in Uzbekistan, because the relations between the two countries are very old, from the commercial to the cultural level. We even have a common heritage. Advancing these relations, a new history has now been written in Uzbekistan, through which both countries will write a new history of progress in the future.
India and Uzbekistan signed the Bilateral Investment Treaty (BIT) on Friday. The purpose of this treaty is to promote mutual investment between the two countries and increase confidence among investors.
Nirmala Sitharaman arrived in Tashkent
India’s own Finance Minister, Nirmala Sitharaman, visited Tashkent to sign this treaty. After discussing the BIT, Nirmala Sitharaman on behalf of the Government of India and Deputy Prime Minister Khodjayev Jamshid Abdukhakimovich on behalf of the Government of Uzbekistan signed it in Tashkent. This treaty serves to guarantee adequate security to investors from both countries when they invest in each other.
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Why is this investment treaty special?
An official statement issued by the Government of India has said that in current international activities, this treaty will not only provide protection to investors of both countries. Rather, in case of a dispute, it also offers the assurance of resolving the dispute through arbitration. This treaty requires the development of an independent platform to resolve disputes and also ensures that investors will not be discriminated against.
This treaty contains provisions to protect investments against confiscation, transparency, transfer and compensation for losses. However, according to the statement, a balance has been maintained regarding the government’s right to regulate and at the same time provide protection to investors and investments. The signing of the BIT reflects the shared commitment of both countries to enhance economic cooperation and create a stronger investment environment. This agreement is expected to increase mutual investment, which will benefit the companies and economies of both countries.
