Uzbekistan keen to join INSTC for full implementation of BIT with India
Uzbekistan & Turkmenistan express interest to join International North South Transport Corridor (INSTC) to trade with India as the viable route to the Indian Ocean Region ahead of the BRICS Summit in Kazan that would among other matters lay emphasis on inclusive connectivity corridors.
Uzbekistan in particular is keen to harness the full potential of INSTC as well as the Chabahar Port in the backdrop of the Bilateral Investment Treaty (BIT) signed in Tashkent on Friday during the visit of Finance Minister Nirmala Sitharaman. Uzbekistan has sent its first cargo to India via INSTC recently.
“The BIT between India and Uzbekistan assures appropriate protection to Uzbekistan investors in India and Indian investors in Uzbekistan, in light of relevant international precedents and practices. It will increase the comfort level and boost the confidence of investors by assuring a minimum standard of treatment and non-discrimination, while providing for an independent forum for dispute settlement through arbitration,” according to a statement issued by the Indian government.
“The BIT also provides for protection to investments from expropriation, provides for transparency, transfers and compensation for losses. However, while providing such investor and investment protection, balance has been maintained with regard to State’s right to regulate and thereby provides adequate policy space,” the statement emphasised.
Over the last two years the volume of trade between India and Russia has increased using INSTC. Azerbaijan is
