122 countries, including Brazil, reached an agreement in Abu Dhabi, the capital of the UAE, on Sunday, February 25th, to facilitate investments aimed at streamlining processes between the economies of the signatory countries, providing investors with more opportunities, and enhancing responsible commercial behavior in international operations.
Signing this agreement precedes the opening of the 13th Ministerial Conference of the World Trade Organization, which will take place from February 26th to 29th.
Tatiana Braziers, the Secretary of Foreign Trade, representing the Brazilian Ministry of Development, Industry, Trade, and Services at the conference in the UAE, emphasizes the importance of establishing international standards with minimum transparency to simplify and facilitate investments and prevent conflicts.
She also adds that this agreement includes provisions that require countries to impose social and environmental responsibilities on investors.
According to the Brazilian Ministry of Development, Industry, Trade and Services, the Agreement on Facilitation of Investments for Development (AFID) has been under preparation since 2017 with active and strong participation from Brazil, which has well-known expertise in this field.
According to calculations and projections by the Brazilian National Industry Confederation (CNI), the investment facilitation agreement for development has the potential to increase Brazilian GDP by 2.1% over a five-year period and increase investments by 5.9%.
Among the Arab countries that signed this agreement are Bahrain, Djibouti, Kuwait, Mauritania, Morocco, Oman, Qatar, Saudi Arabia, the UAE, and Yemen.
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