India-UAE Sings BIPPA

A Bilateral Investment Promotion and Protection Agreement (BIPPA) between the Government of India and the Government of UAE was formally signed on 12 December. The Agreement was signed by Namo Narain Meena, Minister of State (E&FS), on behalf of Government of India and H.E. Mr. Obaid Humaid Al Tayer, Minister of State for Financial Affairs of UAE on behalf of Government of UAE.

The text of the Agreement, which seeks to promote and protect investments from either country in the territory of the other country with the ultimate objective of increasing bilateral investment flow, was finalized on October 30-31, 2013 at Abu Dhabi. The Agreement requires each country to encourage and create favourable conditions for investors of the other country to make investment in its territory and to admit investments in accordance with its laws.

It is hoped that the Agreement would serve as a catalyst in boosting investment flows between the two countries.

[Source: PIB (MoF) Press Release dated 12^th December 2013]