The negotiations on investment facilitation are an important attempt to bring WTO rules up to date. The successful conclusion of the negotiations and the IFD Agreement fully demonstrate that, against the backdrop of the multiple challenges to economic globalization, WTO members are able to stand united and work together to address global challenges, and that multilateral trade rules are able to keep abreast of the times and respond in a timely manner to the expectations and demands of the business community.

The IFD Agreement is the world's first multilateral investment agreement, which aims to enhance the transparency of countries’ investment policies, simplify investment approval procedures, strengthen international cooperation in the field of investment and promote smoother global investment flows. Against the backdrop of sluggish global economy, weakening demand and slowdown in investment, the conclusion of the Agreement will play a positive role in improving the global business environment and enhancing the confidence of global investors. According to calculations by relevant organizations, the Agreement, if successfully put into effect, could bring up to $1 trillion in economic benefits to the world.

It is worth noting that of the more than 100 participants in the negotiations, over70 are developing members, including China, Brazil, Indonesia, Cambodia, Nigeria and Sierra Leone. The fact that the negotiations were initiated by developing members, who also put forward and co-sponsored two thirds of the proposals, fully demonstrates that the promotion of investment facilitation is in line with the trend of the times and the needs of the economic development of the members, especially the developing one, and that the developing members have already become an important force in international rule-making.

As a major country in attracting foreign capital and outward investment, China is a leading initiator of investment facilitation. The conclusion of the Agreement is conducive to China's efforts to open up to the outside world at a high level. It will enable China to benchmark against international high-standard economic and trade rules, create a first-rate business environment that is market-oriented, internationalized and based on the rule of law, attract more foreign-funded enterprises to come to China, and promote high-quality development. Moreover, the Agreement will drive the cost of cross-border investment for Chinese enterprises down, so that they can actively participate in the BRI cooperation, and work with all parties to deliver mutual benefits and win-win results. Thank you.