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 Investment Facilitation 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 strengthen "the bilateral investment relationship between the European bloc 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, development sustainable and responsible investment.
At the 5th Angola-EU Ministerial Meeting - Joint Pathway (on 8 September 2020), the parties had already confirmed their intention to initiate 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.
