By Tim Taylor QC King & Wood Mallesons’ Dubai Office
In March 2015 the Government of India issued its draft model text for the Indian Bilateral Investment Treaty (the “Draft BIT”) for public comment. Following various amendments, on 28 December 2015, the revised, and final, version of the model BIT (the “Model BIT”) was released. This is expected to provide greater protection to foreign investors in India, and to Indian investors in foreign countries, whilst maintaining a balance between the investors’ rights and the Government’s obligations. The Government of India also announced that the Model BIT will be used for the re-negotiation of existing BITs and negotiation of future BITs and investment chapters in Comprehensive Economic Cooperation Agreements, Comprehensive Economic Partnership Agreements and Free Trade Agreements (“FTAs”).
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