Global Arab Network | Kuwait, UK sign IPPA Trade Agreement

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Kuwait, UK sign IPPA Trade Agreement

Global Arab Network - - George Haddad

Thursday, 08 October 2009 18:13

The climate for doing business with Kuwait was boosted today with the signing by the UK of a trade treaty with the Gulf state.

Trade Minister Lord Davies and Kuwaiti Finance Minister Mustafa Jassem al-Shamali signed an Investment Promotion and Protection Agreement (IPPA) in London.

An IPPA is a treaty designed to guarantee fair treatment for the investments of individuals and companies in an overseas market - and to allow for a level playing field by ensuring they are treated in the same way as local companies and other foreign investors.

Lord Davies said: “It’s vital for jobs and growth that UK companies look for new markets oversees and that we continue to welcome inward investment here in the UK.

“I’m delighted to sign this Agreement today. It will provide reassurance to companies that their foreign investments are protected by internationally recognised standards, whilst acting as an incentive for companies to seek to do new business overseas.”

Lord Davies added that international investment brought many benefits for both the home and overseas state including capital to grow businesses, high quality jobs, and sharing of best business practice.

Mustafa Jassem al-Shamali said: “Overseas investment has real benefits both for the UK and Kuwait and is important for global growth.

“I’m very pleased to sign this treaty which strengthens the economic links between our two countries and will encourage companies to look for new investment opportunities.”

IPPAs are treaties between the UK and another country - sometimes known as Bilateral Investment Treaties or BITs - that set high standards of protection for UK investors in foreign countries and vice versa.

The UK already has similar agreements in place with over 100 trading partners. They can and often do encourage UK investment overseas and foreign direct investment into the UK, by signalling a commitment by both Governments to open and transparent investment markets.

Global Arab Network

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Last Updated on Thursday, 08 October 2009 18:21

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