| Author (Corporate) | European Union, Government of Angola |
|---|---|
| Series Title | Official Journal of the European Union |
| Series Details | 2024/830 |
| Publication Date | 08/03/2024 |
| Content Type | Legislation, Policy-making |
Summary:Sustainable Investment Facilitation Agreement (SIFA) between the European Union (EU) and the Republic of Angola. Further information:This Agreement aims at facilitating the attraction, expansion and retention of foreign direct investment (FDI) between the two sides for the purposes of economic diversification and sustainable development. It seeks to improve the investment climate and facilitate the mobilisation and retention of investment between the EU and Angola on the basis of modern and simplified rules, measures and procedures relating to FDI. In doing so, it promotes sustainable development, economic growth and job creation. It is the first agreement on sustainable investment facilitation that the EU ever negotiated. The EU's Comprehensive Strategy for Africa adopted in 2020 called for the development of more ambitious arrangements to facilitate, attract and support investment in Africa. Later in the year, the EU and Angola expressed the intention to launch exploratory discussions on an EU-Angola investment agreement sitting on top of the existing Economic Partnership Agreement (EPA) between the EU and the South African Development Community (SADC). In March 2021, the European Commission adopted a recommendation for a Council Decision on the opening of negotiations with Angola on an agreement on investment facilitation. The proposed Council Decision was adopted by the Council of the European Union on 26 May. The talks were launched on 22 June. After four rounds, the EU and Angola concluded the negotiations on 18 November 2022. On 16 June 2023, the European Commission adopted draft Council Decisions on the signing and conclusion of the Agreement. The former was adopted by the Council on 9 October, followed by the latter on 4 March 2024. The Agreement was signed by the two sides on 17 November 2023 and the text of the Agreement was published in the EU's Official Journal on 8 March 2024. It entered into force on 1 September 2024. |
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| Source Link | Link to Main Source http://data.europa.eu/eli/agree/2024/830/oj |
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| Subject Categories | Politics and International Relations, Trade |
| Subject Tags | Bilateral Relations, Sustainable Development |
| Keywords | Foreign Direct Investment [FDI], Sustainable Investment Facilitation Agreement (SIFA) |
| Countries / Regions | Angola |
| International Organisations | European Union [EU] |
