Times of India | 16 March 2023
India asks 68 countries to renegotiate bilateral investment pacts, Rajya Sabha told
NEW DELHI: India has issued termination notices to 68
countries for Bilateral Investment Treaties with a request to
renegotiate on the basis of the model agreement
formulated in 2015, the Rajya Sabha was informed on
India had signed Bilateral Investment Treaties (BITs) with 83
countries/regions till 2015 based on the Model BIT of 1993 and
as amended in 2003, Minister of State for External Affairs
Rajkumar Ranjan Singh said in a written reply.
Out of 83 BITs, 74 were ratified, Singh said, adding that
notice of termination has been issued to 68
countries/regions with request to renegotiate based on the
Model BIT 2015. He said six BITs were still in force.
"After the model BIT of 2015 was approved, India has signed
four agreements of which two are in force," Singh said.
Singh said the ministry has playing an active
role in facilitating investment treaty negotiations.
"The ministry has been coordinating between foreign
governments, foreign missions and other
departments/ministries of the Government of India for BIT
negotiations," he said.
The ministry has considered the various recommendations
of the Standing Committee of External Affairs Report on
India’s involvement with BITs.
Singh said the government has signed a host country
agreement with Permanent Court of Arbitration (PCA) for
establishing a regional office in India.
"For capacity building in India in the field of investment
treaties, the Ministry of External Affairs along with reputed
institutions and international organisations like the PCA,
have been organizing capacity building workshops on
investment treaties for government officials and legal
fraternity," he said.
The ministry has also set up an Arbitration Cell within the
Economic Diplomacy Division with the aim of developing in-
house expertise to handle issues pertaining to investment
treaties, UNCITRAL, the PCA and other international
arbitration related issues.