Lok Sabha Question No. 3545 (UNSTARRED), answered on 2020-03-16
Subject: Model for Bilateral Investment Treaty
Ministry: FINANCE
Asked by: Kirit Premjibhai Solanki

(a) No:

Consequent to formulation of a new model Bilateral Investment Treaty text in 2015 (Model Treaties (BIT) with 73 countries with a view to renegotiating new treaties based on the Model BIT 2015 text  Along with the termination notices, Model BIT 2015 text was shared with all these countries for renegotiation: Renegotiation of investment agreements are at various   stages with 34 countries Iregional blocks   covering 70 countries:

- (b) Does not arise in view of (a) above

## GOVERNMENT OF INDIA

## MINISTRY OF FINANCE DEPARTMENT OF ECONOMIC AFFAIRS

## LOK SABHA UNSTARRED QUESTION NO. 3545

TO BE ANSWERED ON MARCH 16,2020 (MONDAY) PHALGUNA 26, 1941 (Saka)

Model for Bilateral Investment Treaty

## QUESTION

## 3545, DR. (PROF:) KIRIT PREMJIBHAI SOLANKI:

Will the Minister of FINANCE be pleased to state:

- (a) whether it is a fact that only few countries have showed interest in the new Model for Bilateral Investment Treaty (BIT);
- whether the terms of the current model can impact the sentiments of   foreign investors and if the details thereof; SO,
- if s0,the details thereof and the reasons therefor; 8 the details of the list of countries that have signed the new Model BIT with India;
- (e) the list of arbitrations India is currently undergoing due to the BITs signed earlier; and
- the status of the Centre-State Investment Agreement proposed in Budget 2016-17?

## ANSWER

## MINISTER OF STATE IN THE MINISTRY OF FINANCE

(SHRI ANURAG SINGH THAKUR)

- Model BIT is India'$ initial offer for negotiation of a Bilateral Investment Treaty with other countries. After approval of Model BIT from Cabinet; India has signed 4 Investment treaties
- () Treaty between the Republic of India and the Republic of Belarus on Investments (signed on 24th September; 2018)
- ii) The Bilateral  Investment Agreement between India-Taipei Association (ITA) in December; 2018).
- (iii) The Bilateral Investment Treaty between the Government of the Kyrgyz Republic and the Government of the Republic of India (signed on I4th June, 2019).
- (iv) Investment Cooperation and Facilitation Treaty between the Federative Republic of Brazil and the Republic of India (signed on 2Sth January, 2020).
- The Bilateral Investment Treaties, though their legal framework for reciprocal protection of investments; provide the required confidence to the foreign investors. Besides, the model BIT text of India achieves the balance between the rights and obligation of the state and the investors:
- (e The list of disputes which are actively pursued is in the List enclosed at Annexure I being
- The   proposal has been withdrawn by Department of Economic Affairs   after inter-

#**

## Annexure I -

| IS.No   | NAME                                                                                                                            |
|---------|---------------------------------------------------------------------------------------------------------------------------------|
| 1       | Cc Devas (Mauritius) Ltd, " Devas Employees Mauritius Private Limited. and) Telecom Devas Mauritius Limited V Republic of India |
| 2       |                                                                                                                                 |
| 3.      | Vodafone International Holdings B.V. V. The Republic of India                                                                   |
| 4.      | Vodafone   Group Plc. &Vodafone Consolidated Holdings Limited V Thel IRepublic of India                                         |
| 5_      | KCairn Energy PLC &Cairn UK Holdings Limited v The Republic of India                                                            |
| 6_      | Vedanta Resources PLC v. The Republic of India                                                                                  |
| 7_      | NNissan Motor Co,, Ltd: vs Republic of India                                                                                    |
| 8_      | Ras-Al-Khaimah Investment Authority V Republic of India                                                                         |
| 9_      | KKhaitan Holdings (Mauritius) Limited vs Republic of India                                                                      |
| 10.     | IKorean Western Power Company Limited. (KOWEPO) vs Republic of India                                                            |