Hindu Business Line | 5 Aug 2013
BIT: India, US completes 3 rounds of negotiations
India and the US have completed three rounds of negotiations for the proposed bilateral investment treaty (BIT), a pact which would help in enhancing economic ties between the countries.
“The bilateral investment agreement discussion with the US started on August 11, 2009 and as of now three rounds have been held on various elements of bilateral investment treaty text of the US,” the Minister of State for Commerce and Industry, D Purandeswari said in a written reply to the Lok Sabha.
She said that the recent visit of Commerce and Industry Minister, Anand Sharma to Washington has helped to reinvigorate the dialogue between the countries.
“Both sides have agreed to convene next meeting of the India-US Trade Policy Forum, a bilateral mechanism to resolve and expand bilateral trade and investment relations, this year in India,” she added.
Last month, Sharma had said that India is ready for talks with the US on the proposed treaty, which New Delhi calls Bilateral Investment Protection Agreement (BIPA).
India has signed BIPAs with 82 countries. However, it has put a freeze on these agreements following a spate of suits from companies.
The bilateral trade between the countries stood at $60.49 billion in 2012-13. India has received FDI worth $11.27 billion from the US during April 2000 and April 2013.