The Union Cabinet has given its approval for signing and ratification of the Bilateral Investment Treaty (BIT) between the India and Belarus on Investments.
- The Treaty is supposed toincrease investment flows between the two countries.
- It is expected to improve the confidence of the investors resulting in an increase in FDI and Overseas Director Investment (ODI) opportunities and this will have a positive impact on employment generation.
- The signing and ratification of a BIT between the two countries will work as a strategic initiative as Belarus is the member of the Eurasian Economic Union (EAEU).
- India has already initiated the BIT text with the Kyrgyz Republic and is in talks with the Russian Federation for a new BIT, based on the Model BIT text.
About Belarus
- It is a landlocked country in Eastern Europe
- It is bordered by Russia, Ukraine, Poland, Lithuania and Latvia.
- Its capital and most populous city is Minsk.
- Its President is Alexander Lukashenko
- Its Prime Minister is Andrei Kobyakov
