No easing of deadline for ending old bilateral investment pacts: Sitharaman

Existing investment treaties expire on April 1, 2017; new ones to be negotiated on BIT draft model

The government will be sticking to the original deadline of April 1, 2017, for terminating all existing bilateral investment treaties even though the signatory nations continue to oppose the move.

However, Commerce and Industry Minister Nirmala Sitharaman on Tuesday defended the government's move saying that other nations were informed one year in advance, with ample time to approach India on negotiating new treaties.

India has been pushing to renegotiate the treaties based on new parameters which lay emphasis on attracting and safeguarding foreign investment while protecting public interest. The ambitious model bilateral investment treaty (BIT) — the draft of which was released