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ARTICLE · 21 NOVEMBER 2024

The 2024 India - UAE BIT: A Mixed Bag?

Shardul Amarchand Mangaldas & Co
Shardul Amarchand Mangaldas & Co
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Shardul Amarchand Mangaldas & Co

Shardul Amarchand Mangaldas & Co

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On 7 October 2024, the Ministry of Finance issued a press release that India and the UAE had executed a new Bilateral Investment Treaty (BIT) on 13 February 2024, which came into force from 31 August 2024.

IndiaGovernment, Public Sector
Pallavi Shroff
Pallavi Shroff
Shreya Jain
Shreya Jain
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On 7 October 2024, the Ministry of Finance issued a press release that India and the UAE had executed a new Bilateral Investment Treaty (BIT) on 13 February 2024, which came into force from 31 August 2024.

India's tryst with BITs

International investment agreements, which include BITs and investment chapters in free trade agreements, are entered into between two or more States, with an aim to facilitate and protect foreign investments made by their investors in each other's territories. BITs create legal obligations between a State (Host State) and foreign investors in its territory from the other State (Home State). BITs provide foreign investors with a framework of rights, which they can rely on to protect their investment from interference by the Host State. In case the Host State commits a breach of the BIT, the foreign investors can directly sue the Host State by commencing an arbitration before an independent tribunal, comprising of arbitrators appointed by

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