Over 120 member states of the World Trade Organization (WTO) have signed the Investment Facilitation for Development (IFD) Agreement, aiming to streamline investment processes in developing and least-developed countries.
Despite initial reservations, the pact received broad support, with 75 percent of WTO members endorsing it.
The agreement, unveiled just before the 13th ministerial conference in Abu Dhabi, emphasizes transparency and simplified administrative procedures to attract foreign direct investment (FDI) into regions seeking sustainable development.
WTO Chief Ngozi Okonjo-Iweala hailed the agreement as pivotal for amplifying investment traction in developing nations, while Valdis Dombrovskis, the European Union’s trade chief, noted its potential to empower emerging economies.
Advocates in Abu Dhabi are pushing for the agreement’s formal integration into the WTO framework to catalyze equitable economic development. As discussions progress, the IFD Agreement signals a commitment to multilateralism, shaping future international economic cooperation.
photo source: Google
By: Montel Kamau
Serrari Financial Analyst
February 26th, 2024
