A LACK OF takers for the 2015 model text for Bilateral Investment Treaties (BITs) and a slowing of foreign direct investment (FDI) inflows have prompted New Delhi to take another look at the template.
To accommodate the concerns of potential partners, the government may choose not to insist on the stance that international arbitration can be explored as a means of resolution of disputes by a foreign investor only after domestic legal remedies are exhausted.
According to sources, a discussion paper to be floated soon will suggest re-drafting the text to allow first resort to "international arbitration within India". The process, the paper will suggest, may be under the administrative supervision of the Permanent Court of Arbitration (PCA), located at The Hague, Netherlands. This significant change is expected to address the drought of new BITS since India shifted to the 2015 text-only four new treaties have since been signed.
BITS are basically reciprocal agreements between two countries to promote and protect foreign private investments in each other's territories, and are expected to help boost investor confidence.
The sources added that the discussion paper might also delve into issue of India not having enough bankable projects for foreign investors to focus on. Issues concerning land acquisition and the Insolvency and Bankruptcy Code would also be addressed, they said.
この記事は Financial Express Mumbai の August 09, 2023 版に掲載されています。
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この記事は Financial Express Mumbai の August 09, 2023 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
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