Lost some trust at MC13, will work to deliver on investment pact: Reappointed WTO DG
World Trade Organization (WTO) Ngozi Okonjo-Iweala Friday said that in the short to medium term, she would like to work to deliver on the Investment Facilitation for Development (IFD) and that some of the trust which was built at the 12th ministerial conference (MC12), was lost in MC13.
WTO members Friday appointed incumbent Okonjo-Iweala as DG the organization for a second term. Her second four-year term will begin on September 1, 2025. Okonjo-Iweala took office as DG in March 2021 and is the first African and the first woman to serve as the head of the global trade watchdog.
On IFD, she said in a statement: “We have to find a way forward to handle the concerns of the few members who continue to voice reservations on this matter.”
This assumes significance as India has opposed the China-led plurilateral
IFD which seeks to put in place a pre-investment review or appeal system through an independent body to screen all investments. New Delhi would have to explain its every move on the investment front if its becomes a signatory, including its Press Note 3 which makes prior government approval mandatory for foreign direct investment (FDI) from countries sharing a land border with India.
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