BIPPABilateral Investment Promotion and Protection Agreement
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There are anticipations the BIPPA will facilitate India to get more than $2 billion investments from the UAE for developing its infrastructure projects.
The BIPPA has been worked on as exclusion to the Indian custom to freeze up all BIPPAs until a new outline becomes ready.
The meeting of the India-UAE High Level Task Force on Investments in this February remained inconclusive as the UAE side insisted on finalizing the BIPPA prior to making any move.
The BIPPA has been worked on as an exception to the norm of India to freeze all BIPPA agreements until a new template is in place.
It has been keen to explore major infrastructure projects in India but was awaiting the signature of the BIPPA.
The acquisition follows the signing of the UAE-India BIPPA and a commitment made by the UAE at the first HLTFI meet in Abu Dhabi to invest $2 billion in India's infrastructure sector.
Lokesh said with the BIPPA in place investments between both nations are expected to increase.
The BIPPA is expected to bring drastic changes related to the investments arriving from the UAE into India in the upcoming period.
The BIPPA has been worked on as an exclusion to the custom of India to freeze up all BIPPAs until a new outline is ready.
Sudhir Kumar Shetty, Chief Operating Officer of the UAE Exchange Centre, agreed, saying the BIPPA can remove the apprehensions the foreign investors had about India.
In the first meeting of the bilateral taskforce in February 2013, the UAE had promised $2 billion investments in infrastructure projects in India, but there was no headway, because the UAE was concerned about protection for its investments without BIPPA.
A BIPPA is a deal setting up the terms and conditions for private investment by nationals and companies of one state in another state.