Brussels, 10 September 2022 (TDI): European Union (EU) kicked off the third round of negotiations with the Republic of Angola for a Sustainable Investment Facilitation Agreement. The negotiations took place via videoconference on 9th September 2022.
🇪🇺🇦🇴 The EU and Angola are negotiating a next generation deal that will reinforce sustainable investment links.
This will foster economic diversification and promote inclusive growth.
We are making good progress. #EUTrade
👉 https://t.co/LOe8q55T7d pic.twitter.com/NrRF63VVUl
— EU Trade 🇪🇺 (@Trade_EU) September 9, 2022
Dr. Antonio Pombal, Director of the National Directorate for Integration, Cooperation, and International Business led the negotiations from the Angolan side.
Moreover, from the EU side, the negotiations were led by Carlo Pettinato, Head of the Investment and Intellectual Property Unit at the Directorate General for Trade and European Commission.
Sustainable Investment Facilitation Agreement
The bilateral agreement is based on good governance and cooperation. It pursues sustainable investment agreements with Africa.
In addition, the Southern Neighborhood is part of the broader EU strategy to step up its engagement with African partners to unlock their economic potential, foster economic diversification, and promote inclusive growth.
The EU-Angola agreement focuses on mutually beneficial sustainable investments, economic growth, and job creation, contributing to the diversification of Angola’s economy.
Angola and the EU are set to start talks for a trade deal this year. It comes after EU and African partners approved a request from the oil-producing nation to join a regional trade bloc.
Moreover, this trade deal would likely increase the export of Angolan products to the EU. it would possibly reduce the dominance of oil which currently accounts for nearly all exports by value.
Most Angolan exports to the European Union already benefit from preferential treatment. The reason for this is that the country has been classified as the least developed nation. Also, under the trade deal, EU products will access the Angolan market with lower duties.
The agreement strengthens the bilateral investment relationship between the European Union and Angola. In addition, the officials agreed to hold the next round of negotiations on 14th October 2022, to conclude the negotiations.
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