Which of the following signed the Bilateral Investment Treaty (BIT) in September 2024?

Correct option is C

The correct answer is (c) Government of the Republic of India and the Government of the Republic of Uzbekistan

Explanation:

• On September 27, 2024, the Government of India and the Government of the Republic of Uzbekistan signed a Bilateral Investment Treaty (BIT) in Tashkent, Uzbekistan.
• The treaty was signed by India's Finance Minister, Smt. Nirmala Sitharaman, and Uzbekistan's Deputy Prime Minister, H.E. Mr. Khodjayev Jamshid Abdukhakimovich.​

Information Booster:

Bilateral Investment Treaty (BIT)

• These are reciprocal agreements between two countries to promote and protect foreign private investments in each other’s territories.
• These treaties generally provide a mechanism for settling disputes between investors and the country of investment.
• The most preferred mode of settling such disputes is arbitration, where parties agree to have their dispute decided by a neutral person (the arbitrator) instead of going to court.

o   On the basis of rules and procedure, arbitration may be institutional (administered by an arbitral institution as per its rules) or ad hoc (mutually arranged by the parties).

Additional Knowledge:

India-UAE BIT: Earlier in February 2024, India signed a BIT with the United Arab Emirates (UAE), which came into effect on August 31, 2024. This treaty aims to protect foreign investments while preserving the regulatory autonomy of the host state.