The new model bilateral investment treaty (BIT), which will address concerns of several countries and streamline investment negotiation procedures, while ensuring investor protection is in final stage and is likely to be approved by govt soon. The approval will pave the way for it to be rolled out along with trade agreements, with countries such as Australia and Canada, while also being used with partners such as the UK and the European Union. One of the key elements is reduction in the period to seek international arbitration to one year from five years at present, provided domestic remedies are exhausted.