In a groundbreaking event that could shape the future of global trade and investment, the Department of Trade and Industry (DTI) Secretary of the Philippines highlighted the pivotal role of foreign direct investments (FDIs) at the launch of the Investment Facilitation for Development (IFD) Agreement.
Addressing an international audience at the sidelines of the World Trade Organization’s (WTO) 13th Ministerial Conference, Secretary Pascual expressed confidence in the transformative power of the IFD Agreement.
“FDIs are vital in creating employment, advancing infrastructure, and propelling development, particularly in rural areas,” he noted.
The IFD Agreement, characterized by its enhanced transparency and facilitation measures, promises to foster a more predictable and stable investment climate worldwide. The Philippine government has initiated a needs-assessment exercise aimed at aligning the country’s policies with the agreement’s directives, ensuring an effective implementation strategy.
Secretary Pascual discussed the inclusive approach of the IFD Agreement, which accommodates Special and Differential Treatment provisions. These allow countries like the Philippines to tailor their commitments based on their unique developmental needs and capacities.
To this end, the Philippines has embarked on capacity-building sessions and technical consultations to bridge gaps and enhance the nation’s appeal to international investors.
The ministerial event, co-hosted by Chile and South Korea, recognized the significant progress made by members of the Joint Statement Initiative on Investment Facilitation for Development (JSI-IFD).
The gathering culminated in the endorsement of the Joint Ministerial Declaration on the IFD Agreement by over 120 WTO members, reflecting a widespread commitment to improving global investment facilitation.
Secretary Pascual assured the global community of the Philippines’ dedication to attracting FDIs, stating,
“We will continue to advocate for more WTO Members to join us in realizing the full potential of the IFD Agreement.”
The Philippine government’s endorsement of the IFD Agreement signals a new era of economic development fueled by international collaboration and investment. As Secretary Pascual reiterated the country’s commitment to optimizing the benefits of this agreement, the Philippines positions itself as a prime destination for sustainable and inclusive global investment.
