Geetanjali Dhillon, Symbiosis Law School, Pune
ABSTRACT:
This research paper attempts to analyse changes in the approach of India to international investment treaties by considering the major changes instituted with the introduction of the 2016 Model BIT. The paper follows the history of the Indian outlook on the BITs beginning with the first BIT signed with the Great Britain in the year 1994 and how key events such as the White industries dispute shifted India’s investment treaty making history. The bilateral model investments of 2016 evolved towards an effective policy that recognizes the need to augment foreigners’ investment and extricate state control over regulations. It examines customary law obligations as outlined in International Investment Agreements (IIAs): non-discrimination, fair and equitable treatment, full protection and security, protection against illegal expropriation, observance of undertakings and free transfer of funds. The research shows how these obligations are preserved in the new model by exceeding the international minimum requirements while justifying claims to greater regulatory powers. Analysing particular examples and the mechanisms of their legal realization, the paper reveals the consequences of India’s new investment protection regime.
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