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2/28/24, 10:22 AM Three-quarters of WTO members mark finalisation of IFD Agreement – The Gulf Time Newspaper
Three-quarters of WTO members mark

finalisation of IFD Agreement

ABU DHABI / WAM

Ministers representing 123 World Trade Organisation (WTO) members issued on Sunday a Joint Ministerial
Declaration marking the finalisation of the Investment Facilitation for Development (IFD) Agreement,

according to a statement by the WTO. Ministers also issued a submission asking for the 13th WTO
Ministerial Conference (MC13), taking place in Abu Dhabi on 26th-29th February, to incorporate the IFD

Agreement into Annex 4 of the Marrakesh Agreement Establishing the WTO. Participants 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.

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