Page 393 - MOE ENGLISH PR REPORT - FEBRUARY 2024

2/28/24, 10:22 AM UAE: Three-quarters of WTO members mark finalisation of IFD agreement
represent three-quarters of the WTO membership, including close to 90 developing
economies and 26 least-developed economies.

The significant milestone in WTO history of finalisation of the IFD Agreement was marked

at a ministerial event held at the Abu Dhabi National Exhibition Center (ADNEC) on the
eve of the Ministerial Conference. The text of the Agreement was made available to the

public in the three WTO official languages: English, French and Spanish.

WTO Director-General Ngozi Okonjo-Iweala highlighted the importance of the
achievement and said, "In the space of six years, you have moved from preparatory work

to a pioneering Agreement that promises to help its signatories attract the foreign direct
investment they want to drive growth, productivity gains, job creation, and integration into

global supply chains." She also emphasised that the IFD Agreement "will contribute to

making the global economy more resilient and inclusive."

As the co-coordinators of the successful negotiations, the Vice-Minister of Trade of Chile

Claudia Sanhueza and the Minister of Trade of the Republic of Korea Inkyo Cheong made
opening remarks at the ministerial event, highlighting that the IFD Agreement shows the

WTO can deliver for global trade and development and address current economic

challenges by facilitating investment flows, a key driver of economic growth and
sustainable development.

Sanhueza said, "By bolstering the capacity to attract, retain, and amplify foreign direct

investment, the IFD Agreement becomes an indispensable catalyst for sustainable
development. She added, "Once implemented, the IFD Agreement is expected to foster

significant economic growth and welfare in developing and LDC members and extend its

benefits even to non-participants."

Minister Cheong said, "When some have questions on WTO’s response to the current

poly-crisis, we, the 123 co-sponsors, answer with the IFD Agreement."

He added, "The history we are making together today will mark the new beginning from
tomorrow. I believe that, together, we will get it done."

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade and MC13 Chair, said

that the finalisation of the IFD Agreement is the result of more than six years of work,

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