India has aggressively expanded its network of Free Trade Agreements (FTAs) to enhance economic resilience, yet continues to encounter systemic obstacles in finalizing Bilateral Investment Treaties (BITs).

印度積極擴展自由貿易協定 (FTA) 網絡以增強經濟韌性，但在敲定雙邊投資條約 (BIT) 方面仍然面對系統性障礙。

The Indian administration has pivoted toward 'minilateralism' as a response to the perceived paralysis of multilateral institutions, such as the World Trade Organization's Appellate Body. This strategic redirection is evidenced by the recent conclusion of agreements with the UAE, Australia, and the EFTA bloc, the latter of which involves a projected $100 billion in foreign direct investment (FDI). These instruments serve as a mechanism for 'building optionality,' allowing India to engage simultaneously with diverse blocs including the Quad and BRICS. However, the efficacy of these trade frameworks is contingent upon the existence of complementary investment protections.

印度政府因認為多邊機構（例如世界貿易組織的上訴機構）陷入癱瘓，因此將重心轉向「小型多邊主義」。這一戰略調整可見於近期與阿拉伯聯合大公國、澳洲及 EFTA 區達成的協定，其中 EFTA 預計將帶來 1,000 億美元的外國直接投資 (FDI)。這些工具作為一種「建立選擇權」的機制，使印度能同時與 Quad 和 BRICS 等不同陣營接觸。然而，這些貿易框架的成效取決於是否存在互補的投資保護措施。

A significant divergence exists between India's trade successes and its investment treaty trajectory. While trade negotiations have reached fruition, investment agreements—most notably with the EU and the UK—remain stalled. This impasse is attributed to India's 2015 BIT framework, which represents a 're-legalization' effort to reclaim sovereign regulatory autonomy following a global backlash against first-generation treaties. The current friction centers on three primary areas: the exclusion of the Most Favored Nation (MFN) clause, the removal of taxation from the scope of Investor-State Dispute Settlement (ISDS) mechanisms, and the requirement that investors exhaust domestic legal remedies for five years prior to international arbitration.

印度在貿易上的成功與其投資條約的進展之間存在顯著分歧。雖然貿易談判已獲成果，但投資協定——尤其是與歐盟及英國的——仍處於停滯狀態。此僵局歸因於印度 2015 年的 BIT 框架，這代表了一種「重新法律化」的努力，旨在全球對第一代條約產生反彈後，奪回主權監管自主權。目前的摩擦集中在三個主要領域：排除最惠國 (MFN) 條款、將稅務剔除出投資者-國家爭端解決 (ISDS) 機制的範圍，以及要求投資者在國際仲裁前必須在國內法律途徑嘗試五年。

Consequently, a tension has emerged between the state's desire to prevent 'dis-embedding' the economy from social requirements and the private sector's requirement for predictability. While the administration has demonstrated alacrity in modifying tax laws for institutional investors, the persistence of constraints in land acquisition and contract enforcement suggests that the degree of 'de-legalization' in the BIT framework may exceed the threshold of investor confidence. The EU administration has characterized the conclusion of a pending investment agreement as a prerequisite for unlocking the full potential of the existing FTA.

因此，國家防止經濟與社會要求「脫鉤」的意願，與私營部門對可預測性的需求之間產生了緊張關係。雖然政府在修改機構投資者的稅法方面表現積極，但土地徵收與合同執行方面的限制依然存在，這表明 BIT 框架中的「去法律化」程度可能已超過投資者信心的臨界點。歐盟方面將完成待定的投資協定視為釋放現有 FTA 全部潛能的前提條件。

India has successfully utilized FTAs to mitigate global supply chain volatility, but the lack of finalized BITs remains a critical barrier to the actualization of pledged foreign investments.

印度成功利用 FTA 減輕全球供應鏈的波動，但缺乏敲定的 BIT 依然是實現承諾外國投資的關鍵障礙。