India-Uzbekistan sign 17 agreements including visa-free travel, military edu
India and Uzbekistan inked 17 agreements on Monday including in military education and visa-free travel for diplomatic passport holders.
India has signed a bilateral agreement with Uzbekistan at Tashkent assuring appropriate protection to investors of the central Asian nation in India and Indian investors in that country.
The Bilateral Investment Treaty (BIT) was signed by Union Finance Minister Nirmala Sitharaman and Khodjayev Jamshid Abdukhakimovich, Deputy Prime Minister of Uzbekistan.
The BIT between India and Uzbekistan assures appropriate protection to Uzbekistan investors in India and Indian investors in the former Soviet Republic, in light of relevant international precedents and practices, the Ministry of Finance said in a statement.
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It 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, it said.
The BIT also provides for protection to investments from expropriation, provides for transparency, transfers and compensation for losses.
However, 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 signing of the BIT reflects both nations’ shared commitment towards enhancing economic cooperation and creating a more robust and resilient investment environment.
The Ministry of Finance said the BIT is expected to pave the way for increased bilateral investments, benefiting businesses and economies in both countries.
Notable investments by Indian companies include those in the pharmaceuticals, amusement parks, automobile components, and hospitality industries.
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