The Ministry of Foreign Affairs with assistance from the Organization of Eastern
Caribbean States Commission, in the form of acquiring the services of a
consultant, completed a week-long pilot phase needs-assessment exercise,
regarding the ongoing World Trade Organization’s Draft Investment Facilitation
for Development Agreement negotiations.
Several key stakeholder groupings were engaged in two stages, virtually in the
initial stage and then face to face to ascertain a deeper understanding of Antigua
and Barbuda’s investment-related administration, procedures, and framework.
According to the Director of International Trade, Miss Joy-Marie King, “the
concept of investment facilitation in the WTO means the setting up of a more
transparent, efficient and investment-friendly business climate – by making it
easier for investors to invest, conduct their day-to-day business and to expand their
existing investments, as well as for host and home governments to work
cooperatively and in mutually beneficial ways to facilitate sustainable investment.”
King further added, “The focus on investment facilitation comes with the
recognition that in today’s integrated global economy, expanding investment flows,
like trade flows, depends crucially on simplifying, speeding up, and coordinating
processes, not primarily on liberalizing policies.
“By aligning facilitation policies with global benchmarks, investment facilitation
measures can help countries to attract, retain and expand investment, which is key
for diversifying and expanding production capacities and exports, promoting
economic growth, building-up critical infrastructure and creating more resilient
economies – especially in the context of recovery from the COVID-19 crisis.”
Since September 2020, a group of WTO members has been negotiating a new
agreement on Investment Facilitation disciplines, following nearly 3 years of
preparatory work. The negotiations have since advanced at a rapid pace. Reflecting
the substantial progress achieved, the latest negotiating text of the "Draft IFD
Agreement" was circulated to all Members on 16 December 2022.
