The co-coordinators, Ambassador Sofía Boza of Chile and Ambassador Jung Sung Park of the Republic of Korea, reported back on the IFD outcomes at the 13th WTO Ministerial Conference (MC13) held in Abu Dhabi (26 February — 1 March), where ministers representing 123 WTO members issued on 25 February a Joint Ministerial Declaration marking the finalization of the Agreement and made it available to the public.

Ambassadors Boza and Park also reported on the consultations held with groups of members in different configurations on 18 and 19 March to discuss next steps. IFD participating members viewed the official finalization of the IFD Agreement as a historic moment, showing that the WTO is capable of responding to current challenges in a manner conducive to fostering sustainable economic development.

They also reaffirmed their commitment to getting the IFD Agreement formally incorporated into Annex 4 of the Marrakesh Agreement Establishing the WTO. In their view, the upcoming General Council on 21-22 March will provide the first opportunity post-MC13 to reiterate this objective and have a first discussion with all WTO members.

The formal request for incorporation of the IFD Agreement into Annex 4 could not be discussed at length in a multilateral way at MC13, but the co-coordinators noted that several developments during MC13 opened the door to further discussions in Geneva. Based on that, the WTO members who are parties to the IFD Agreement re-submitted their request for incorporation of the Agreement as a communication to the General Council, in the form of a Draft General Council Decision (WT/GC/W/927). 

Building on the momentum of the ministerial event held in Abu Dhabi on 25 February, all IFD participants asserted that their request for incorporation of the Agreement deserves consideration and proper discussion and engagement by the whole WTO membership.

They said they are looking forward to engaging in a discussion process under the auspices of the General Council and reiterated their willingness to engage in a constructive and beneficial manner with non-participating members, including regarding their concerns, both in Geneva and in capitals, including at the highest political level.

In parallel, participating members will continue with the IFD needs assessment process. This process is aimed at helping developing and least-developed members identify implementation gaps and technical assistance needs to be better prepared for the implementation and to benefit from the IFD Agreement.

Article X.9 of the WTO Agreement provides that, upon the request of the members who are parties to the plurilateral agreement, the Ministerial Conference may decide exclusively by consensus to add the Agreement to Annex 4. Article IV.2 says that in the intervals between meetings of the Ministerial Conference, its functions shall be conducted by the General Council.

While the IFD Agreement would be a plurilateral agreement (binding only on those members that accept it), it is open for all WTO members to join. Participant members have stressed that incorporation of the IFD Agreement into the WTO is critical for the Agreement to deliver its benefits, notably for developing and least-developed members, who are in the greatest need of more sustainable and impactful investment flows.

An IFD Agreement in the WTO will also serve as a key catalyst for international support for national and regional investment facilitation efforts.