On Friday, 18 November, the European Commission announced that it concluded negotiations with Angola on their Sustainable Investment Facilitation Agreement (SIFA). Negotiations had started in June 2021 (see EUROPE 12746/7).
Angola’s economy is largely based not only on ores (copper mines, iron mines, uranium mines, gold mines, etc.) but also on oil.
The agreement is expected to facilitate European investment in Angola and the country’s investment in the EU by simplifying investment-authorisation procedures and even improving transparency—for example, through a single information portal for investors.
In particular, the agreement aims to promote sustainable investments. This involves directing attention to human rights, workers’ rights, and respect for the environment.
For example, the parties must respect, promote, and implement the fundamental International Labour Organization (ILO) conventions. According to the SIFA’s text, they are also required to implement the United Nations Framework Convention on Climate Change (UNFCCC) and the Paris Agreement.
The agreement contains a dispute settlement mechanism that includes a consultation phase and then an arbitration panel.
The text must now undergo a legal review and must be translated before it can be signed.
See the text of the agreement: https://aeur.eu/f/457 (Original version in French by Léa Marchal)