Washington: Top 10 American Senators have urged US President Barack Obama to expedite ongoing negotiations on a bilateral investment treaty (BIT) with India, noting that this has the potential to produce tremendous benefits to companies from both the countries.
In a letter to the US President, 10 US Senators from both the parties, who are members of the powerful Senate India Caucus, commended Obama on resuming negotiations on BIT with India.
"As members of the Senate India Caucus, we urge you to expedite the ongoing discussions about the treaty as part of a proactive engagement strategy that will produce tremendous benefits for American companies and investors, as well as for their Indian counterparts," the letter said.
The bi-partisan letter was signed by Senate India Caucus Co-Chairs Mark Warner John Cornyn and eight others: Joseph Lieberman, Kay Hutchison, Robert Menendez, Jeanne Shaheen, Mark Begich, Michael Bennet, Christopher Coons and Mark Kirk.
"An investment treaty between India and the US would provide important protections to US investors from arbitrary, discriminatory or confiscatory measures, and would be enforceable by independent international arbitration," said the letter dated December 19, which was made public on Thursday.
"Such a treaty could also help facilitate additional investment in infrastructure and other priorities in India where investment is badly needed It would further provide protections to Indian companies as they expand investments in the US," the letter said.
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