Union Cabinet clears BIT between India and Cambodia
Q. Union Cabinet has approved BIT between India and Cambodia. What does BIT stand for?- Published on 28 Jul 16a. Bilateral Innovation Treaty
b. Bilateral Investment Treaty
c. Bilateral Income Treaty
d. None of the above
ANSWER: Bilateral Investment Treaty
Union Cabinet chaired by PM Shri Narendra Modi has given approval for the Bilateral Investment Treaty between India and Cambodia.
- Treaty seeks to promote and protect investments from either country in the territory of the other country with the aim of increasing bilateral investment flows.
- Treaty encourages each country to create favourable conditions for investors of other countries to make investments in territory and admit investments in accordance with laws.
- This is the first such treaty in accordance with the text of the Indian Model Bilateral Investment Treaty approved by the Cabinet in December 2015.
