India, Uzbekistan sign investment treaty to boost investor confidence

India and Uzbekistan on Friday signed the Bilateral Investment Treaty (BIT) aimed at boosting the confidence of investors of both the countries.

The BIT between the Indian government and the government of Republic of Uzbekistan was signed by Finance Minister Nirmala Sitharaman and Khodjayev Jamshid Abdukhakimovich, Deputy Prime Minister of Uzbekistan, at Tashkent.

The BIT between India and Uzbekistan assures appropriate protection to Uzbekistan investors in India and Indian investors in the Republic of Uzbekistan, in light of relevant international precedents and practices, an official statement said.

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 treaty also provides for protection to investments from expropriation, provides for transparency, transfers and compensation for losses, it ...