Each country will also itself decide whether or not it requires technical assistance or capacity-building support. The parties to the negotiations will now work towards integrating the IFD Agreement into the WTO rulebook, which requires consensus by all WTO Members.Īs regards implementation, the Agreement stipulates that developing countries will self-determine when they will implement each of the individual provisions. It will cover the whole investment lifecycle, including the operation and expansion of investment, with a view to ensuring a long-term positive impact on the host country. The Agreement will apply to foreign direct investment in all sectors of the economy, and will thus promote economic diversification.
Facilitate interactions between investors and local administrations through the establishment of focal points and stakeholder consultations, and.Simplify and speed up investment authorisation procedures, and foster e-government.Enhance the transparency and predictability of investment-related measures.Streamlining procedures, encouraging sustainable investment As the world’s main source of foreign direct investment, the EU has a clear interest in promoting a more transparent, efficient, and predictable investment environment.įollowing on from the Joint Statement Initiative on Domestic Regulation in Services in 2021 and the multilateral Agreement on Fisheries Subsidies in 2022, the IFD Agreement demonstrates again that the WTO is being made fit for purpose to tackle the economic and broader sustainable development challenges of the 21 st Century. Initiated by a group of developing countries, the negotiations were concluded between 113 WTO Members, including the EU. The IFD Agreement responds to concrete day-to-day challenges to new investments, particularly in developing countries, by making rules transparent, streamlining investment procedures, and improving the relationship between investors and administrations.
Harnessing the economic potential of foreign direct investment to boost development in poorer countries has taken a major step forward at the WTO, as negotiations on an Agreement on Investment Facilitation for Development (IFD) concluded at the WTO today.
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