Recently concluded G-20 Declaration reiterated the need to pursue reform of the World Trade Organization (WTO) to ensure a fully and well-functioning dispute settlement system accessible to all members by 2024.
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A BIT is an agreement between two countries regarding promotion and protection of investments made by investors from respective countries in each other's territory.
Annulment proceedings only apply to arbitrations administered by the International Centre for Settlement of Investment Disputes — an institution India is not a member.
It can only address limited issues, such as the improper constitution of an arbitration tribunal or corruption but cannot correct errors in legal interpretation.
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