Portuguese Presidency welcomes the launch of the negotiations of a Sustainable Investment Facilitation Agreement with the Republic of Angola
Press release
The Portuguese Presidency of the Council of the European Union warmly welcomes the launch of the negotiations of a Sustainable Investment Facilitation Agreement with the Republic of Angola on 22 June.
This is the first bilateral agreement on investment facilitation negotiated by the European Union (EU i), reflecting ongoing negotiations at the World Trade Organization regarding the joint initiative on Investment Facilitation for Development.
The agreement aims at improving the investment climate and facilitating the mobilisation and retention of investment on the basis of modern and simplified rules, measures and procedures relating to foreign direct investment.
It will strengthen the bilateral investment relationship between the EU Angola, contributing to mutually beneficial sustainable investments, economic growth and job creation and to the diversification of Angola’s economy, addressing matters such as:
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-Improving the transparency, predictability and coherence of investment-related measures;
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-Streamlining and speeding up administrative procedures and requirements and ensuring good governance in authorization procedures;
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-Reinforcing bilateral cooperation to facilitate investment and ensure the implementation of the Agreement;
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-Contributing to sustainable development and responsible investment.
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Background:
At the 5th Angola-European Union Ministerial Meeting - Joint Way Forward (8th of September 2020), both sides confirmed their intention to start exploratory discussions on a European Union-Angola investment agreement, focusing on investment facilitation.
On the 23rd of March 2021, the Commission adopted a recommendation for a Council Decision authorising the opening of negotiations with Angola for an agreement on investment facilitation (COM/2021/138 final).
On 26 May 2021, the Council of the European Union authorised the opening of negotiations on an agreement on investment facilitation with the Republic of Angola and its negotiating directives.
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