EU and Angola Conclude a Sustainable Investment Facilitation Agreement
On November 18, 2022, the European Commission announced the conclusion of negotiations between the European Union (EU) and the Republic of Angola on a Sustainable Investment Facilitation Agreement (SIFA).
In its press release, the Commission states:
"The EU is pursuing such agreements to promote sustainable investments in its engagement with African partners. The EU-Angola SIFA will make it easier to attract and expand investments while integrating environment and labour rights commitments in the EU-Angola relationship. The EU is committed to boosting sustainability in its trade policy, as set out in its new trade strategy.”
The SIFA will make investments easier by:
Enhancing transparency and predictability of investment-related measures, such as publishing all investment laws and conditions and promoting the use of single information portals for investors;
Simplifying investment authorization procedures and fostering e-government; and
Facilitating interactions between investors and the administration, establishing focal points and stakeholder consultations.
The SIFA will make investments more sustainable by:
Promoting sustainable development, including commitments to effectively implement international labor and environmental agreements, such as the Paris Agreement;
Promoting responsible business conduct through the uptake of international standards in companies;
Strengthening bilateral cooperation on investment-related aspects of climate change and gender equality policies; and,
Ensuring dialogue with civil society on the implementation of the agreement.
What remains to be seen is whether such an innovative agreement will provide meaningful benefits, especially to the less developed partner.
Now that negotiations have concluded, the agreement will be legally revised by the EU and Angola, translated into all EU languages, and then proposed for signature and adoption under the respective procedures of both parties.