EU and Angola conclude Sustainable Investment Facilitation Agreement—the first EU agreement of this kind

In November 2022, the EU and Angola concluded a Sustainable Investment Facilitation Agreement (SIFA)—the first EU agreement of this kind. The SIFA aims to make it easier to attract and expand investments while integrating environmental and labour rights commitments in the EU-Angola relationship. According to the EU, the agreement will make investments easier by enhancing transparency and predictability of investment-related measures. It would do this, for example, by publishing all investment laws and conditions and promoting the use of single information portals for investors; simplifying investment authorization procedures and fostering e-government; facilitating interactions between investors and the administration; and establishing focal points and stakeholder consultations. The agreement also includes provisions that aim at promoting sustainable development, for instance, by including commitments to effectively implement international labour and environmental agreements, such as the Paris Agreement. The SIFA also includes references to investor due diligence and supports the dissemination of important instruments on responsible business conduct, such as the UN Guiding Principles on Business and Human Rights, the UN Global Compact, the OECD Guidelines on multinational enterprises, and the ILO Tripartite Declaration of Principles Concerning Multinational Enterprises and Social Policy. The agreement must now be revised before it is signed and ratified by both parties to enter into force.