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Govt mulling strong BIT to revise investment pacts


  • India has so far signed 83 Bilateral Trade and Promotion Agreements (BIPA), of which 72 are in force.
  • Government had decided to come out with a new framework after several multinational firms invoked bilateral investment protection agreements.
  • The model text would be used for renegotiating the BITs and would form basis for new investment protection treaties.
  • the model BIT may include provisions to limit power of tribunal to award monetary compensation to an aggrieved investor.
  • the changes are aimed at providing balanced investor protection within the overall framework of country’s laws and regulations.
  • The model BIT is expected to exclude matters relating to government procurement, taxation, subsidies, compulsory licences and national security.

Source: ET

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