Two UAE firms are claiming Rs 5 lakh crore ($85billion) as compensation, perhaps the highest arbitration demand in India’s history.
India and the United Arab Emirates (UAE) today agreed to enhance their cooperation in all areas of bilateral relations and to increase their trade by 60 per cent over the next five years.
The Dutch company will file an ISDS application against the Korean government, should the authorities refuse to pay 183.5 billion won ($169.9 million) in tax refund.
Free Trade Agreement between Switzerland and the UAE has been signed and will be implemented from July this year, a dignitary from Switzerland said on Thursday.
Thanks to the persistent efforts by civil society groups demanding access to the full text of India-UAE bilateral investment promotion and protection agreement (BIPA) under the Right to Information Act, the agreement was recently made public by the concerned appellate authority of Ministry of Finance.
India has introduced provisions in the just-concluded bilateral investment protection and promotion agreement (BIPPA) with the United Arab Emirates to ensure that only executive decisions can be challenged and that too within a stipulated period.
India and the UAE will next week sign an agreement to promote and protect bilateral investments.
The UAE and India have agreed in principle to start negotiation on Bilateral Investment Protection Agreement and conclude it at the earliest during Indian Finance Minister P.Chidamabaram’s official UAE visit yesterday, a top Indian diplomat told Gulf News yesterday.
The UAE and Poland have agreed to undertake all possible measures to further promote bilateral trade and develop economic relations as the first meeting of the UAE-Poland Joint Commission for Economic Cooperation began in Warsaw on February 6.
Buoyed by a big surge in exports to Dubai, Portugal said on Thursday that it expects to significantly boost its trade with the GCC after the conclusion of a long-awaited free-trade agreement between the European Union and the GCC.
The Federation of Pakistan Chambers of Commerce and Industry on Saturday opposed the signing of a Free Trade Agreement with the United Arab Emirates which, it said, would ruin the local industry by inundating the domestic market with foreign, cheap products.
Turkish trade with the GCC (Gulf Cooperation Council), in spite of considerable positive progress in recent years, is lagging far behind its potential. Negotiations for a free trade agreement between Turkey and the GCC were launched in November 2005 but are still ongoing and are expected to conclude soon. The delays appear to have been linked above all to the global economic crisis with the talks suspended for a while in 2008-2009, according to a report "Turkey and the GCC: A strengthening Relationship" issued by the National Commercial Bank (NCB).
President Asif Ali Zardari sought United Arab Emirates’s (UAE) help for Free Trade Agreement with GCC countries which would pave the way for increased commercial activity between Pakistan and the Gulf countries.
A free trade agreement (FTA) between India and the UAE would help increase bilateral trade flow between the two countries, a top Non-Resident Indian businessman said.
Indian Business Leaders Forum, or IBLF, said it will make an all-out effort to see that a Free Trade Agreement between the UAE and India becomes a reality in the coming months.
UAE companies that have invested in Egypt may stand to lose millions of dollars as the state runs an investigation into alleged corruption by former government officials who sold land and assets to investors below market prices, lawyers say.
Damac Properties is to fight the conviction of its chairman on Egyptian corruption charges by filing a case with the International Center for Settlement of Investment Disputes (ICSID), the company announced yesterday.
Swedish officials have expressed their country’s desire for wider trade and investment relations with the UAE and for a stronger presence in the Gulf country for Swedish businesses seeking to further expand into the whole Gulf region.
Dato’ Mohd Razif Deputy Governor of Bank Negara Malaysia (BNM) said that Malaysia has ample investment opportunities in various fields and can become a gateway for Emirati investors to access Asian Markets, expressing his resolve to open joint ventures between Malaysia and United Arab Emirates to enhance economic and trade ties between them.
South Korea said on Sunday it had signed an enhanced economic cooperation agreement with the UAE as the two get set to mark their 30-year relationship anniversary next year.