M’sia & WTO members seek for investment facilitation for devt

KUALA LUMPUR: Malaysia and 37 other members of the World Trade Organisation have sought for a ministerial decision on Investment Facilitation that would initiate a structured discussion in the organisation to develop a multilateral framework on investment facilitation.

The International Trade and Industry Ministry (MITI) said the framework on investment facilitation was similar to the Trade Facilitation Agreement adopted by WTO members in 2013 and would assist Malaysian companies investing abroad.

“It is envisaged that the framework would contain a menu of best practices for facilitating cross border investment,” said MITI in a statement yesterday.

The other countries which supported the initiative, among others, were Argentina, Australia, Brazil, Canada, Chile, China, Costa Rica, El Salvador, European Union, Gambia, Guatemala, Hong Kong, China, Japan, Kazakhstan, Mexico, Moldova, Montenegro, Myanmar, New Zealand, Qatar, Russia, Singapore, Switzerland and Uruguay.

MITI said the discussions in the WTO would clarify the relationship and interaction of existing WTO provisions with currentinvestmentcommitments among members, and take into account the investment facilitation work of other international organisations.

“It would not encroach into the sovereignty of members to pass investment laws and regulations,” it said, adding that market access or investment liberalisation, investment protection and investor-state dispute settlement would be excluded from the framework.

The framework shall also be designed to be flexible, adaptable and responsive to the evolving investment facilitation priorities of members, explained MITI. — Bernama