The Council of the European Union (EU) today adopted a decision with a view to opening negotiations for an agreement on investment facilitation with Angola, according to a statement from the Portuguese presidency
This will be the first Investment Facilitation Agreement to be negotiated by the EU, within the framework of the World Trade Organization, “in relation to the joint initiative on Facilitating Investment for Development”, explains the note.
The agreement aims to facilitate the mobilization and retention of foreign direct investment based on modern rules, measures, and procedures, to promote sustainable development, economic growth, and job creation, and to reinforce “the bilateral investment relationship between the European block and Angola ”.
The initiative provides incentives for mutually beneficial sustainable investments for the diversification of the Angolan economy and addresses issues such as improving the transparency and predictability of investment-related measures, rationalizing and accelerating administrative procedures and requirements, including authorizations, strengthening bilateral cooperation, developing sustainable and responsible investment.
At the 5th Angola-EU Ministerial Meeting – Joint Pathway (on September 8, 2020), the parties had already confirmed their intention to start exploratory discussions for an EU-Angola investment agreement.
On March 23, 2021, the commission adopted a recommendation for a Council decision authorizing the opening of negotiations with Angola for an agreement on investment facilitation.
Portugal takes over the presidency of the Council of the European Union during the first half of this year.
