Sunday 22 / December / 2024
New Delhi: India and Uzbekistan have signed a Bilateral Investment Treaty (BIT) to assure appropriate protection to Uzbekistan investors in India and Indian investors in the Republic of Uzbekistan, the Ministry of Finance said in a statement on Friday.
The statement added that the treaty will increase the comfort level and boost the confidence of investors by assuring a minimum standard of treatment and non-discrimination, while providing for an independent forum for dispute settlement through arbitration.
The BIT between both the counties provides for protection to investments from expropriation, and provides for transparency, transfers, and compensation for losses, as per the statement.
The statement also noted that while providing such investor and investment protection, balance has been maintained with regard to State's right to regulate and thereby provides adequate policy space.
The treaty was signed by Union Minister for Finance and Corporate Affairs Nirmala Sitharaman and Khodjayev Jamshid Abdukhakimovich, Deputy Prime Minister of Uzbekistan, today, at Tashkent.
"The signing of the BIT reflects both nations' shared commitment towards enhancing economic cooperation and creating a more robust and resilient investment environment. The BIT is expected to pave the way for increased bilateral investments, benefiting businesses and economies in both countries," the Finance Ministry added.
As per the official figures provided on the website of the Indian embassy in Uzbekistan, India is among the top 10 trade partners of Uzbekistan with bilateral trade of USD 756.60 million.
The major items of India's exports are pharmaceutical products, mechanical equipment, vehicle parts, services, frozen buffalo meat, optical instruments and equipment, and mobile phones, as per the embassy.
India's import from Uzbekistan consists largely of fruit and vegetable products, services, fertilizers, juice products and extracts, and lubricants, as per the available information on the embassy's website.
Total Indian investments in Uzbekistan amount to USD 61 million, as per the embassy's website.
