New Delhi, 5 June (IANS). Union Finance and Corporate Affairs Minister Nirmala Sitharaman and Kyrgyzstan Foreign Minister Jhinbake Kulubaev Moldokanovich on Thursday signed a bilateral investment Treaty (BIT) protocol between the Government of India and the Kyrgyz government in New Delhi and exchange of the means of recommendation.
The bilateral investment treaty (BIT) signed in Bishkek on 14 June 2019 between the Government of India and the Kyrgyz will be applicable from 5 June 2025. The new treaty will replace the pre -implemented agreement on 12 May 2000, which will ensure continuity in investment security between the two countries.
India-military bilateral investment treaty is an important step in strengthening economic relations and promoting safe and predicted investment environment. The purpose of bilateral investment treaty is to promote and protect the interests of investors of any country in each other’s fields.
In the bilateral investment treaty, both countries have emphasized sustainable development. At the same time, bilateral investment treaty tries to define the main elements for rendering, as in international law. In addition, bilateral investment treaty ensures a balanced outline through provisions on national rendering, acquisition and transfer.
Bilateral investment treaty balances investors with sovereign regulatory powers of both countries. This reflects shared commitment to create a strong and transparent investment environment. This is expected to further boost the border investment and strengthen economic cooperation between India and Kyrgyzstan.
There are two types of exceptions in the bilateral investment treaty, including general and safety exceptions. Its purpose is to create a policy place for the nation. Common exceptions include safety of environment, ensuring public health and safety and protecting public morality and public system.
The bilateral investment treaty has adjusted the investor rash dispute disposal system with a compulsory termination of local measures to provide an alternative dispute solution mechanism to investors.
-IANS
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