As India and the UK inch closer towards finalising a free trade agreement, the contours of the much-debated and contentious bilateral investment treaty are likely to be finalised around the same time as the FTA and are expected to vary significantly from the model BIT of 2016, changes for which would require approval of the Cabinet.
“We cannot be closer to the model BIT because that is from 2016 and as it is it has not found many takers. In today’s times, the demands of many countries are far removed from the BIT, so we cannot stick to the model format of the treaty,” a person aware of the matter said, adding that changes to the investment treaty will be sent to the Cabinet for approval.
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