India’’s Bilateral Investment Promotion Agreement with Jordan comes into effectJanuary 22nd, 2009 - 10:28 pm ICT by ANI
New Delhi, Jan.22 (ANI): Bilateral Investment Promotion Agreement (BIPA) between government of India and the Hashemite Kingdom of Jordan has come into force from Thursday following the exchange of Instruments of Ratification (IRs) between the two countries.
Dr. Anup K. Pujari, the Joint Secretary (Foreign Trade), Department of Economic Affairs under the Ministry of Finance,and Mohamed Ali Daher, Ambassador of Hashemite Kingdom of Jordan exchanged the Intruments of Ratification (IRs) in the national capital on Thursday at a function.
Additional Secretary with Ministry of External Affairs, Virender Gupta, presided over the ceremony.
The text with Jordon had been finalized during one round negotiation held in New Delhi on August 23, 2006. Indian model text was the basis of negotiation.
The Cabinet had approved signing and ratification of BIPA on Nov. 30, 2006. The agreement was signed in New Delhi on Dec.1, 2006 by the then Finance Minister P. Chidambaram.
The government of India has so far signed BIPA with 73 countries. Of these, 61 have already been ratified and have come into effect.
Jordon is the 63rd country with which BIPA has come into force. BIPA with Syria has also become effective from Thursday.
Bilateral Investment Promotion Agreement (BIPA) seeks to promote and protect investments from either country in the territory of the other country with the objective of increasing bilateral investment flows.
BIPA requires both the countries to encourage and create favourable conditions for investors of each other to make investments in their territory and to admit investments in accordance with their laws.
Investments from either country in the territory of the other country are to be accorded National Treatment and Most Favoured Nation Treatment implying that the investment shall be provided a treatment which is not less favourable than that is provided by the country to investments of its own investors or investors from any other country.
Besides, investors are to be provided Most Favoured National Treatment in respect of their investment. It also provides an elaborate dispute resolution mechanism which includes recourse to negotiations, conciliation and international arbitration. (ANI)
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