New Delhi [India], September 27 (ANI): India and Uzbekistan have signed a Bilateral Investment Treaty (BIT) to assure appropriate protection to Uzbekistan investors in India and Indian investors in the Republic of Uzbekistan, the Ministry of Finance said in a statement on Friday.

The statement added that the treaty will increase the comfort level and boost the confidence of investors by assuring a minimum standard of treatment and non-discrimination, while providing for an independent forum for dispute settlement through arbitration.

Also Read | MCD Standing Committee Elections 2024 Result: BJP's Sunder Singh Tanwar Wins Last Vacant Seat of MCD's Highest Decision-Making Panel, 0 Votes for AAP's Nirmala Kumari.

The BIT between both the counties provides for protection to investments from expropriation, and provides for transparency, transfers, and compensation for losses, as per the statement.

The statement also noted that while providing such investor and investment protection, balance has been maintained with regard to State's right to regulate and thereby provides adequate policy space.

Also Read | Dwayne Bravo Retires from All Forms of Cricket, Succeeds Gautam Gambhir as KKR Mentor for IPL 2025.

The treaty was signed by Union Minister for Finance and Corporate Affairs Nirmala Sitharaman and Khodjayev Jamshid Abdukhakimovich, Deputy Prime Minister of Uzbekistan, today, at Tashkent.

"The signing of the BIT reflects both nations' shared commitment towards enhancing economic cooperation and creating a more robust and resilient investment environment. The BIT is expected to pave the way for increased bilateral investments, benefiting businesses and economies in both countries," the Finance Ministry added.

As per the official figures provided on the website of the Indian embassy in Uzbekistan, India is among the top 10 trade partners of Uzbekistan with bilateral trade of USD 756.60 million.

The major items of India's exports are pharmaceutical products, mechanical equipment, vehicle parts, services, frozen buffalo meat, optical instruments and equipment, and mobile phones, as per the embassy.

India's import from Uzbekistan consists largely of fruit and vegetable products, services, fertilizers, juice products and extracts, and lubricants, as per the available information on the embassy's website.

Total Indian investments in Uzbekistan amount to USD 61 million, as per the embassy's website. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)