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Bilateral Agreement Of Tanzania

8 Apr , 2021   David  

While it is recognized that emerging countries, such as Tanzania, need bilateral agreements to attract and encourage foreign direct investment, these agreements should be well developed to ensure the protection of the host country`s interests, including the revision and introduction of new laws and regulations to adapt to the changing business environment. On 30 September 2018, hours before the 1 October 2018 deadline, the Tanzanian government informed the Government of the Netherlands of its intention to terminate the bilateral investment agreement (ILO) between the two countries. After the ILO, a termination was required at least six months before the effective date of 1 April 2019 expired. Trade between the two countries is negligible for traditional raw materials that are physically traded. Today, the Tanzanian economy relies on considerable Swiss know-how during the years of tourism and hotels, international transport and trade in raw materials. A direct link between Zurich and Dar es Salaam has been in place for more than 40 years and allows for bilateral contacts, particularly in the area of trade, investment and tourism. As a result, as of 1 April 2019, new Dutch investors in Tanzania (and new Tanzanian investors in the Netherlands) will no longer be able to rely on preferential treaty protection. For new investors, this means relying on national legislation and regulations to protect their investments. It also means that, if necessary, they must appeal to national courts. Access to international arbitration will no longer be possible unless a new agreement covering this option is reached. UNCTAD`s Work Programme on International Investment Agreements (IAA) actively supports policy makers, government officials and other IIA stakeholders in the IIA reform to make them more conducive to sustainable development and inclusive growth. International investment rules are established at bilateral, regional, inter-regional and multilateral levels. It requires policy makers, negotiators, civil society and other stakeholders to be well informed about foreign direct investment, international investment agreements (AI) and their effects on sustainable development.

Key objectives of UNCTAD`s IIA work programme – Reform of the International Investment Agreements (IIA) regime to improve the dimension of sustainable development; A comprehensive analysis of key issues arising from the complexity of the international investment regime; Development of a wide range of instruments to support the development of a more balanced international investment policy. India founded its diplomatic representation in Tanganjika in 1961, even before Tanganjika`s independence. Tanzania (then called Tanganjika) founded its diplomatic mission in India in 1962, just after Tanganjika`s independence in 1961. Relations between India and Tanzania have traditionally been close and friendly, characterized by active bilateral cooperation and mutual understanding based on the founding fathers of our two nations. For many years, the political relationship has been largely motivated by common ideological commitments to anti-clonalism, anti-racism, socialism, South-South cooperation and political non-orientation. The two countries and their people continue to enjoy long and warm relations to this day.

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