Govt mulling strong BIT to revise investment pacts

News:

• 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