Facts for Prelims (FFP)
Source: TH
Context: The Union Cabinet of India has approved a Bilateral Investment Treaty (BIT) with the United Arab Emirates (U.A.E.), aiming to enhance bilateral economic engagement, particularly in manufacturing and foreign direct investment (FDI).
- The approval is expected to boost investor confidence, attract large investments, and create opportunities for foreign investments and overseas direct investments.
- The BIT aligns with the goal of Atmanirbhar Bharat, promoting domestic manufacturing, reducing import dependence, and increasing exports.
- India and the U.A.E. had previously implemented a free trade agreement in May 2022
A bilateral investment treaty (BIT) is an agreement between two countries that establishes the terms and conditions for private investment by one country’s nationals and companies in the other country
More about India – UAE relations: Read Here
