India to unveil BIT model allowing arbitration after 1 year
India is about to roll out a fresh version of its bilateral investment treaty (BIT), aiming to make life easier for investors and speed up negotiations.
The big change? Investors can now seek international arbitration just 1 year after trying to resolve issues at home, provided domestic remedies are exhausted, instead of waiting 5 years.
This update is designed to help clinch deals with countries like Australia and Canada, all while making sure India keeps control over its own tax rules.
India signed BITs with Belarus Israel
India has already signed BITs with Belarus and Israel since 2018, but wants to expand its global reach using this new model.
Talks are ongoing with Canada, the UK and others under these updated rules.
Commerce Minister Piyush Goyal says the treaty will fit right in with a broader economic deal with Australia as part of a bigger free trade agreement (FTA).
Overall, these treaties are meant to protect investors from unfair treatment and boost economic cooperation between India and its partners.