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DRAFT RECOMMENDATION (COM(2023)0313 – C90000/2023 – 2023/0181(NLE))

On the proposal for a Council decision on the conclusion of the Sustainable Investment Facilitation Agreement between the European Union and the Republic of Angola

INTA-PR-753503

Committee on International Trade · Rapporteur: Joachim Schuster

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This is the rapporteur's draft report on the proposed Council decision to conclude the Sustainable Investment Facilitation Agreement between the European Union and Angola. The draft resolution gives Parliament's consent to the conclusion of the agreement. The explanatory statement sets out the agreement's aim: legal certainty, a better investment climate and mobilising investment between the EU and Angola under simplified rules, benefiting foreign and domestic companies. It describes four substantive chapters on transparency, authorisation procedures, focal points and stakeholders, and investment and sustainable development, plus a chapter on dispute avoidance and settlement. It states that the agreement includes commitments not to weaken labour or environmental laws to attract investment, to implement international labour and environmental agreements including the Paris Agreement, and to promote responsible business practices. The rapporteur recommends that Parliament give its consent.

Committee position. The rapporteur recommends that Parliament give its consent to the conclusion of the agreement.

Key points

  1. The draft resolution gives Parliament's consent to the conclusion of the agreement.
  2. The agreement's objective is to provide legal certainty, improve the investment climate and facilitate the mobilisation and retention of investment between the EU and Angola on the basis of modern and simplified rules and procedures on foreign direct investment, benefiting foreign and domestic companies.
  3. The agreement promotes sustainable development, economic growth and job creation and strengthens the bilateral investment relationship.
  4. It is the first agreement on investment facilitation that the EU has negotiated.
  5. The agreement has four substantive chapters: transparency and predictability; streamlining of authorisation procedures; focal points and involvement of stakeholders; and investment and sustainable development.
  6. A chapter on dispute avoidance and settlement is based on cooperation between the Parties and a mutually-agreed solution, and includes mediation rules and the possibility of State-to-State arbitration as a last resort.
  7. The agreement includes commitments not to weaken labour or environmental laws and standards for the sake of attracting investment.
  8. It includes commitments to effectively implement international labour and environmental agreements, including the Paris Agreement.
  9. It requires the Parties to promote responsible business practices by investors and strengthens bilateral cooperation on investment-related aspects of climate change policies and gender equality policies.
  10. The rapporteur recommends that Parliament give its consent to the conclusion of the agreement.

Who is affected

  • Foreign and domestic companies, which would benefit from the agreement's rules and procedures.
  • The EU and Angola, which would strengthen their bilateral investment relationship.
  • Investors, who would be required to promote responsible business practices.

Legal basis: Article 207(4), first subparagraph and Article 218(6), second subparagraph, point (a)(v), of the Treaty on the Functioning of the European Union