Context:
India and South Africa formally opposed the adoption of IFD agreement for consideration during the 13th Ministerial Conference (MC13) of WTO.
Investment Facilitation for Development Agreement:
- IFD Agreement – A most-favoured-nation-based, plurilateral agreement of World Trade Organisation
- Launched in – 2017 (11th WTO Ministerial Conference)
- Finalized in – 2023
- Aim – To create legally binding provisions to facilitate investment flows.
- Objective – To facilitate greater participation by developing and least-developed WTO Members in global investment flows.
- Key areas included in the IFD Agreement –
- Improving regulatory transparency and predictability
- Streamlining and speeding up administrative procedures
- Enhancing international cooperation and addressing the needs of developing members
- Membership – Open for all WTO members to join.
- Current members – 120 of 166 WTO member countries are part of IFD Agreement
- India is not a member as it opined that investment-related issues can’t be brought under the WTO’s ambit.
Source: Down To Earth
Previous Year Question
Consider the following statements:
1. India has ratified the Trade Facilitation Agreement (TFA) of WTO.
2. TFA is a part of WTO’s Bali Ministerial Package of 2013.
3. TFA came into force in January 2016.
Which of the statements given above is/are correct?
[UPSC Civil Service Exam – 2017 Prelims]
(a) 1 and 2 only
(b) 1 and 3 only
(c) 2 and 3 only
(d) 1, 2 and 3
Answer: (a)
Explanation: Statement 3 is not correct. It came into force in February 2017
