On Monday 9 October, the Council of the European Union approved the text of the Sustainable Investment Facilitation Agreement (SIFA) negotiated with Angola.
The African country’s economy is currently based on the abundance of its raw materials (copper, iron, uranium, gold, etc.).
Over the 20-year period covered by the agreement, Angola will be able to facilitate its investments in the EU by simplifying investment authorisation procedures. Conversely, EU member countries will find it easier to invest in the country and its resources.
The agreement also announces that it will guarantee compliance with environmental and labour standards, with attention paid to human rights, workers’ rights and respect for the environment. The parties must respect, promote and implement the fundamental conventions of the International Labour Organization (ILO), and are obliged to apply the United Nations Framework Convention on Climate Change (UNFCCC) and the Paris Agreement.
In order to come into force, the agreement must now be validated by the European Parliament and officially ratified by the European Union and Angola. (Original version in French by Isalia Stieffatre)