Tuesday, December 07, 2021

India to renegotiate all bilateral investment pacts: Nirmala Sitharaman

Sitharaman also said that technical discussions with the US side have been continuing on the basis of the revised treaty text.

By: PTI | New Delhi |
July 25, 2016 8:02:41 pm
Bilateral Investment Treaties, nirmala sitharaman, commerce industry minister, india news, india us Labour & employment Narendra Singh Tomar with Commerce and Industry Minister Nirmala Sitharaman jointly at the press conference in new Delhi on Monday. Express Photo by Prem Nath Pandey

India has proposed to renegotiate all its bilateral investment pacts and to replace them with new treaties, Parliament was informed on Monday. “Yes. India proposes to renegotiate all those bilateral  investment pacts whose initial validity has expired and to replace them with new Bilateral Investment Treaties (BITs),”  Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Lok Sabha.

She said that out of the total 83 treaties signed by India so far, 58 are being terminated. The notices have been sent to the respective governments through the diplomatic channel, she added. The new Indian Model Bilateral Investment Treaty text is aimed at providing appropriate protection to foreign investors in India and domestic investors in the foreign country, in the light of relevant international precedents and practices while maintaining a balance between the investor’s rights and the  government obligations, she said.

Sitharaman also said that technical discussions with the US side have been continuing on the basis of the revised treaty text.

“USA has expressed its desire to sign a treaty similar to the FTA signed with Japan and Korea,” she said. However, the minister said that Japan and Korea FTAs were signed based on earlier model BIT text of India which has since been revised and all discussions now also being done on the basis of the new BIT text. Replying to a separate question, she said India and Sri Lanka are in the process of finalising the broad framework for the proposed Economic and Technology Cooperation Agreement through mutual discussions.

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