The book “India’s Bilateral Investment Treaties 2.0: Perceptions, Emerging Trends, and Possible Architecture” edited by Professor James J. Nedumpara, head of the Centre for Trade and Investment Law, was released just as discussions over a potential revision of India’s Model Bilateral Investment Treaty of 2015, were intensifying. One could argue that India is currently at a critical juncture in the evolving field of international investment law and this book is a comprehensive collection of thoroughly researched chapters in light of India’s changing Bilateral Investment Treaty (BIT) regime since 2015. The book is novel and groundbreaking since it analyzes previous investment treaty practices and experiences from both domestic and international point of view and makes suggestions that might aid in revamping the Indian Model BIT for the upcoming round of negotiations with other countries. The book has been published by Springer Nature Singapore. The book has nine chapters (well contributed by Suvrajyoti Gupta, Sparsha Janardhan, Shreyas Jayasimha, Prettkiran Kaur, Aditya Laddha, Kuladeep Medasani, Rubanya Nanda, Shiny Pradeep, Ronjini Ray and Ayushi Singh) and approximately 257 pages, providing its readers with a wide range of topics to reflect upon.Most of the international investment law enthusiasts must be well aware by now, of India’s trial with the White Industries case in 2011 and how over the past few years, India has seen a series of high-profile investor-state dispute (ISDS) cases that have affected its reputation and legal standing and caused the BIT policy to go through an overhauling track. Following the liberalization and privatization of its economy in 1991, India and the UK signed their first BIT in 1994. India went on to sign BITs with 83 more nations in the following years. In the year, 2015 (India had 2 earlier Models of 1993 and 2003) a new model BIT was released by India, which sought to maximize the balance between foreign investors’ legal protection and nation’s regulatory freedom. Interestingly, from the time its new model BIT became available in the public domain, India has signed only five BITs and only three of the five BITs that India has signed, properly fits into the definition of a legitimate BIT.Since Model BITs are only helpful in starting negotiations between two countries, the editor stresses in the introductory chapter of the book that the book is not about creating a new BIT template. Additionally, he emphasizes the need for the Model BIT to develop and be updated continuously, as the Model BIT template ought to vary according to the country’s size and risk profile. The editor goes on to claim that the main goal of the book is to identify strategies based on past experiences and lessons learned, as well as on deliberations that happen in significant forums such as UNCITRAL Working Group III (WG-III). The lessons learned from these experiences indicate that the emphasis of investment treaties should be on intermediary measures to stop or prevent the escalation of disputes.The book’s remaining chapters concentrate on the following broad issues:Overall, the book provides a comprehensive collection of academic resources that not only introduces readers to the fundamental concepts of international investment law and policy but also inspires them to conduct additional research in BITs. However, a few additional points in the book could have been added and expanded upon. First of all, I believe that clauses such as the sunset clause, the exhaustion of local remedies clause, the Most Favoured Nation clause, and the Fair and Equitable Treatment clause could have been more thoroughly elaborated in light of their current wording in the Model BIT and their potential modifications for the upcoming version. The recently inked India-UAE BIT serves as an example of how India intends to move forward with its upcoming BITs, which could have been explained more elaborately in the book. Many of the provisions that have been incorporated in this BIT have been tweaked and differ from the Indian Model BIT. Secondly, the writers could have covered the case of Devas vs Antrix (decided by the Supreme Court of India) in greater detail while writing about the inclusion of a clause on corruption in future BITs. This case exemplifies India’s public policy against fraud and corruption, and hence would have given its readers a more engaging experience. While discussing the difficulties India faces in addressing corruption, the authors may also have provided few cross-country examples of how nations like Singapore have a strong anti-corruption framework with strict enforcement and zero tolerance. Further, a bit more detailed reference about the reforms being debated at the UNCITRAL WG-III would have been another crucial aspect that, in my opinion, might have left the readers, much enriched. Despite the book’s recommendation for a multilateral investment court, the writers have not elaborated about the origination of this concept, what are its advantages and what barriers stand in the way of its implementation. The book may have also suggested adding a clause on counter-claim. As a general legal principle, the respondent’s right to counterclaim is a basic component of its right to state its case on an equal basis with the initial claimant, and it is based on fairness considerations.That being said, this book unquestionably offers a comprehensive analysis of India’s current investment treaty regime and examines several potential reforms to align the nation’s updated bilateral investment treaty with global advancements and international investment treaty practices. The chapters of this book are supported with pertinent empirical evidence and legal reasoning. Proposals and recommendations in the book are in line with recently signed BITs around the world and can certainly help with the Model BIT redesign.In summary, the book is very beneficial for scholars who are studying international investment law (IIA), as it discusses some of the most contentious issues in IIA, a field that is rapidly growing in popularity for practice and consultation, the book is also essential reading for both domestic and international legal professionals. At the same time, the policymakers will find topics of interest in the book, particularly those involved in economic diplomacy and commerce. Treaty negotiators and experts, who actively participate in the BIT negotiation, will find it to be of great assistance. The fact that majority of the recent reforms relevant to investment agreements, which are currently being discussed globally, have been well proposed by the editor and authors in this book, is undoubtedly praiseworthy.
Jyoti Singh (Wed,) studied this question.