The Council of the European Union today adopted a decision to open negotiations in view of an agreement on investment facilitation with the Republic of Angola.
This will be the first Investment Facilitation Agreement to be negotiated by the European Union, reflecting ongoing negotiations at the World Trade Organisation regarding the joint initiative on Investment Facilitation for Development.
The agreement aims to improve the investment climate and facilitate the mobilisation and retention of investment on the basis of modern and simplified rules, measures and procedures relating to foreign direct investment, as well as strengthening the bilateral investment relationship between the European Union and Angola.
In doing so, the agreement will contribute to mutually beneficial sustainable investments, economic growth and job creation, contributing to the diversification of Angola’s economy, and addressing matters such as:
-Improving the transparency, predictability and consistency of investment-related measures.
-Streamlining and speeding up administrative procedures and requirements and ensuring good governance in authorisation procedures.
-Reinforcing bilateral cooperation to facilitate investment and ensure the implementation of the agreement.
-Promoting sustainable development and responsible investment.
At the 5th Angola-European Union Ministerial Meeting - Joint Way Forward (8 September 2020), both sides confirmed their intention to start exploratory discussions on a European Union-Angola investment agreement, focusing on investment facilitation.
On 23 March 2021, the Commission adopted a recommendation for a Council Decision authorising the opening of negotiations with Angola on an agreement on investment facilitation (COM/2021/138 final).