The Economic Times | 19 May 2022
Parliament Committee advises MEA to expedite Bilateral Investment Treaties
By Dipanjan Roy Chaudhury
The parliamentary committee of the external a It said the ministry should facilitate such pacts since it is in charge of negotiations and suggested that the process of an investment protection agreement with the US and a standalone investment agreement with the EU be started and concluded early so as to contribute to investments in priority sectors and high technology manufacturing. The committee said it did not see any fresh result-oriented initiative taken by the ministry or any change in approach leading to a reasonable number of bilateral investment treaties, in keeping with the growing requirement of the country, and suggested that the ministry strengthen its coordination with the other ministries and departments concerned. The committee said it was not satisLed with the progress of the ongoing negotiations with 37 countries and blocks. Currently, negotiations are on with 20 countries while they are still at the preliminary stage with the other countries and blocks. While acknowledging the realities of negotiations with sovereign governments, the committee said the long-drawn-out process of negotiations should be reduced, especially if there appears to be limited areas of convergence. In its ‘action taken’ reply to the committee, the ministry said it has been coordinating with the respective Indian Missions abroad and proactively facilitating negotiations. However, it said that the Department of Economic A2airs of the Lnance ministry leads the Indian side at the negotiations and is responsible for the conclusion of negotiations and implementation of the investment treaties. The committee, however, said the external a The committee urged the ministry to extend all possible assistance to the Department of Economic A It said the drafting of international treaties, whether investment related or trade speciLc, should be done in a manner so as to avoid any ambiguity or leave scope for wider interpretation by arbitrators and tribunals as well as abuse of certain provisions by investors. The external a
