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The Dollar Business Bureau US Commerce Secretary Wilbur Ross, who recently met Indian Finance Minister Arun Jaitley, signaled that an India-US Free Trade Agreement (FTA) is not out of the question, even though no such negotiations have commenced. “I don't believe that there have been any serious discussions with India of late on the topic of a free trade agreement. But there's no inherent negative attitude on our part on that,” Ross said in a press conference, about the view of President Donald Trump administration on the idea of an India-US FTA. Currently, the US-India bilateral trade is governed by the mandate of WTO. No exclusive trade pact exists between the Western superpower and the Asian giant.  The 20 countries having FTA with the US are Australia, Israel, Bahrain, Jordan, Canada, Nicaragua, Chile, Moroccan,Colombia, Costa ...

The Dollar Business Bureau Ahead of Prime Minister Narendra Modi's forthcoming visit to the US next week, a US business advocacy group, US India Business Council (USIBC), has asked President Barack Obama’s administration to re-introduce the bilateral investment treaty (BIT) negotiations with the Indian government at its earliest."The US Government should consider formally re-launching our bilateral investment treaty (BIT) negotiations with the Government of India as soon as possible," the USIBC president Mukesh Aghi said in his letter. "While both governments took a break from the negotiations on account of revising the model BITs, it is important for us to come back to the negotiating table to develop a way-forward on concluding a high-quality BIT," the letter said. The council, which ...

The Dollar Business Bureau    The government on Wednesday approved the revised model of the Indian Bilateral Investment Treaty (BIT) – a model that would provide appropriate protection to foreign investors in India and Indian investors in the foreign countries. “The revised model BIT will be used for re-negotiation of existing BITs and negotiation of future BITs and investment chapters in Comprehensive Economic Cooperation Agreements (CECAs)/Comprehensive Economic Partnership Agreements (CEPAs)/Free Trade Agreements (FTAs),” Ministry of Finance said in a statement on Wednesday. The new model will encourage foreign investors and provide them a balance between investors’ right and the government’s obligations and ensure non-discrimination in all policy matters. It will also establish an independent forum for dispute settlement by arbitration. “BITs ...

Source: PTI With the US keen on accelerating the BIT negotiations process, India has shared with it the draft copy of the proposed bilateral investment treaty that awaits Cabinet approval. During the US-India Trade Policy Forum (TPF) meeting that concluded on Thursday, Indian officials told their American counterparts that they would be in a better position to talk on it once the draft of the model text for the bilateral investment treaty (BIT) is approved by the Cabinet. “In fact, they wanted us to have a detailed talk on it. The investment treaty is awaiting Cabinet clearance. Draft copies (of BIT) were exchanged,” Commerce Minister Nirmala Sitharaman told Indian reporters at the conclusion of ninth round of India-US TPF, which she co-chaired with the ...

Source: PIB, Government of India The Law Commission of India on Thursday submitted its Report No. 260 on the “Analysis of the 2015 Draft Model Indian Bilateral Investment Treaty” to the Union Minister of Law and Justice. The report is presented with a view to assist the Government of India in achieving a balanced negotiating text that takes into consideration the protection of Indian investors investing abroad, as well as safeguarding the regulatory powers of the State. India’s bilateral investment treaty (BIT) programme is part of a larger trade and investment agenda of the Indian government to boost investor confidence and increase investment flows into and out of the country. India signed its first BIT with the United Kingdom in ...

Source: PTI The government will soon come with a comprehensive model Bilateral Investment Treaty (BIT), which will form basis for fixing shortcomings in existing pacts and negotiations with different countries. Government had decided to come out with a new framework after several multinational firms invoked bilateral investment protection agreements. The model text would be used for renegotiating the BITs and would form basis for new investment protection treaties. As per the proposal, the model BIT may include provisions to limit power of tribunal to award monetary compensation to an aggrieved investor, sources said. The Finance Ministry will move a Cabinet note on the issue soon. An aggrieved investor as per the proposal would have to exhaust all local remedies before initiating ...

Source: PTI India needs to cut red tape and lift limits on foreign direct investments (FDI) to move forward, US Vice President Joe Biden said as he sought a high-standard bilateral investment treaty that would make the world's fastest growing economy a magnet for the American capital and technology. "We each have a stake in other's economic vitality," Biden said. "We know, a powerful growing and vibrant Indian economy is in United States' self-interest. And, a growing US economy is in India's best interest. This is not a zero-sum game," he said yesterday in his address at an event to commemorate the 10th anniversary of India-US civil nuclear deal. Biden, who during his visit to India in 2013 had set the target ...

 The Dollar Business Bureau India and the United States are likely to enter into a high-level Bilateral Investment Treaty (BIT) aimed at creating ‘ease of doing business’ environment in India. This was informed by Richard Verma, US Ambassador to India, in his address at the annual general meeting of the American Chamber of Commerce (ACHAM). “We are working on a high-level BIT to make sure that any such treaty is of very high quality,” said the US Ambassador in his address. Both sides are working very hard towards the assessment of the high-level BIT in boosting the investors’ confidence, he added. And, the newly reconstituted strategic and the commercial dialogue is expected to be held in Washington soon, he informed. ...