Union Cabinet approves Bilateral Investment Treaty between India and Cambodia
Posted on:29 Jul 2016 09:16:14
29 July 2016 Current Affairs GK: The Union Cabinet has approved Bilateral Investment Treaty (BIT) between India and Cambodia to boost trade and business. Decision in this regard was taken during the Union Cabinet Meeting chaired by Prime Minister Narendra Modi in New Delhi.
The Treaty seeks to promote and protect investments in either country with the objective of increasing bilateral investment flows.
It also seeks to encourage each country to create favourable conditions (climate) for investors of the other country to make investments in its territory and also to admit investments in accordance with its laws.
This Treaty is the first Bilateral Investment Treaty (BIT) signed between both countries in accordance with the text of the Indian Model BIT which was approved by the Union Cabinet in December, 2015.
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