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Bilateral International Treaty organization
January 22 , 2020
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- The Bilateral International Treaty organization (BIT), an international arbitration tribunal, recently dismissed all the claims against India.
- The claims against India was brought the organization by private firms in Cyprus and Russia.
- BIT is an agreement that was established for FDI.
- It allows countries to set up rules for investments between each other.
- The treaty is the successor of the 19th century friendship, commerce and navigation treaty.
- The first BIT was signed between Pakistan and Germany.
- BIT ensures that foreign investors are treated equally as that of domestic investors.
- It is important for India to sign BIT to make conditions favourable for foreign investors.
- While most of the treaties in the world focus on ‘most favored Nation’ treatment, BIT treats foreign countries equally.
- India has so far signed BIT with 75 states.
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