CURRENT AFFAIRS

Detailed explanation-1: -Bilateral Investment Promotion and Protection Agreement (BIPA) with various countries was initiated following the liberalization of the foreign investment regime in 1991 as part of the economic reform programme. Government of India have so far signed BIPAs with forty two countries.

Detailed explanation-2: -The first modern bilateral investment treaty was entered into in 1959 between Germany and Pakistan. Over the decades that followed an increasing number of European countries concluded such treaties with developing countries.

Detailed explanation-3: -The first ever BIT was concluded on 25 November 1959 between Germany and Pakistan and entered into force on 28 April 1962, i.e. 2 years and 5 months after the signing of the treaty.