SUNS  4355 Tuesday 19 January 1999

G-15: Eight bilateral investment treaties negotiated


Geneva, Jan 15 (Someshwar Singh) -- Seven of the Group of Fifteen (G-15) developing countries have negotiated eight new bilateral investment treaties (BITs). This brings the total number of BITs
negotiated between all G-15 countries to 38. Promoting BITs was one of the major objectives identified at the inception of G-15.

The new BITs set out the definition and scope of the agreements, and include provisions related to standards of treatment, expropriation and transfer of funds, dispute settlement, as well as provisions on entry into force, duration and termination of the agreements.

Three BITs were negotiated between India and Zimbabwe; Sri lanka and Zimbabwe; and Egypt and Jamaica. In addition, consolidated texts on all key issues between Indonesia and Jamaica, and Jamaica and Zimbabwe were agreed by consensus. Similarly, there was agreement on consolidated texts on most provisions between India and Jamaica; Jamaica and Malaysia; and Jamaica and Sri Lanka.

"G-15 countries have undertaken to deepen the trade, investment and technology exchanges among themselves," said Ambassador Anthony Hill of Jamaica, Chairperson of the G-15. "FDI - one to the other - is one of the most effective means in this respect The conclusion of BITs between
themselves contributes to stimulating such investment. It is an important promotional tool."

The negotiations just concluded were facilitated by UNCTAD and  financially supported by the Technical Cooperation among Developing Countries (TCDC) Unit of UNDP and the Swiss government.