Historic deal facilitates international investments, promotes financial growing, inclusiveness
Date
2/26/2024 8:29:12 AM
(MENAFN) A landmark agreement was reached among more than a hundred member states of the World Trade Organization during their meetings in Abu Dhabi, signaling a significant stride towards facilitating international investments. Notable participants in this accord include China and various members of the European Union. The agreement, unveiled by representatives from 123 countries during the 13th Ministerial Conference of the World Trade Organization, aims to address longstanding bureaucratic hurdles and enhance transparency in global investment endeavors.
Dubbed as "facilitating investments for development," the agreement garnered praise from Ngozi Okonjo-Iweala, the Nigerian Director-General of the World Trade Organization. Okonjo-Iweala emphasized the innovative nature of the agreement, highlighting its potential to bolster participating countries' capacity to attract foreign direct investment. Such investments are envisioned to serve as catalysts for stimulating economic growth, fostering productivity gains, generating employment opportunities, and fostering integration into global supply chains.
In her statement, Okonjo-Iweala underscored the agreement's broader impact on the global economy, emphasizing its role in fostering flexibility and inclusivity. The initiative, spearheaded notably by China and without the involvement of the United States, is geared towards assisting nations, particularly those in the developing world and with fewer resources, in attracting a greater influx of investments. By addressing barriers to investment and promoting transparency, this initiative aims to empower countries to tap into the benefits of globalization and contribute to a more equitable and resilient global economic landscape.
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