India and Uzbekistan signed Bilateral Investment Treaty (BIT)

Current Context : India and Republic of Uzbekistan sign Bilateral Investment Treaty in Tashkent.

PURPOSE:

• Assures protection to Uzbekistan investors in India and Indian investors in the Republic of Uzbekistan.
• Aims to enhance economic cooperation and boost bilateral investments.
• It will increase the comfort level and boost the confidence of investors.

KEY FEATURES:

• Guarantees minimum standard of treatment and non-discrimination for investors.
• Provides an independent arbitration forum for dispute resolution.
• Protects investments from expropriation.
• Ensures transparency, transfer of funds, and compensation for losses.

INDIA-UZBEKISTAN RELATIONS :

• Strategic Partnership: Uzbekistan is a key partner for India in Central Asia, with strong cooperation across various sectors.
• Economic Relations: India is among Uzbekistan’s top 10 trade partners, with major exports like pharmaceuticals and machinery​
• Defense Cooperation: Joint military exercises, such as DUSTLIK, bolster security and defense ties.
• Multilateral Engagement: Both countries collaborate in global forums like the UN, SCO, BRICS, and G20.
• Energy Security: India imports uranium ore from Uzbekistan to support its energy needs.
• People-to-People Ties: Around 14,000 Indians live in Uzbekistan, contributing to strong cultural and educational connections​​​