New Delhi/Tashkent: The Government of the Republic of India and the Government of the Republic of Uzbekistan signed a landmark Bilateral Investment Treaty (BIT) today, aimed at enhancing economic ties and fostering investment opportunities between the two nations. The treaty was signed in Tashkent by India’s Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, and Uzbekistan’s Deputy Prime Minister, Khodjayev Jamshid Abdukhakimovich.
The BIT establishes a framework that assures protection for Uzbek investors in India and Indian investors in Uzbekistan, aligned with international norms and precedents. It guarantees a minimum standard of treatment, non-discrimination, and provides an independent arbitration mechanism for dispute settlement. Additionally, it ensures protection against expropriation, transparent processes, and compensation for potential losses.
Speaking on the occasion, Sitharaman said, “The signing of this treaty reflects the shared commitment of India and Uzbekistan to strengthening economic cooperation and building a resilient investment environment.” The treaty is expected to enhance investor confidence, leading to increased bilateral investments that will benefit businesses and boost economic growth in both nations.