On March 29, on the margins of the 14th WTO Ministerial Conference (MC14), 129 parties to the Investment Facilitation for Development (IFD) Agreement, including China, issued a joint ministerial declaration announcing the commencement of the entry into force and implementation of the IFD Agreement as well as their commitment to continuously pushing for its incorporation into the WTO legal framework.

To date, the IFD Agreement has been joined by 129 WTO members, including 92 developing members, 28 of which are least-developed ones. It is the world’s first multilateral investment agreement, the first investment agreement centered on development, and the first investment rule negotiation led by developing members. The agreement aims to improve the global business environment for investment, facilitate international investment flows, and help a broad range of developing members attract foreign investment and promote economic growth. According to WTO estimates, once implemented, the agreement could increase global foreign direct investment by 9% and boost global GDP by 1% over the next decade. (Released on March 30)