WTO members reject China-backed investment facilitation plan

A majority of World Trade Organisation (WTO) members rejected the China-backed group's proposal on investment facilitation for development.

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The members said that it could only be done by consensus, some non-government advocacy groups have said.

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This justifies the stand of India and South Africa against any such move that is not on the table at WTO negotiations.

Source: PTI

The convenors – South Korea and Chile, backed by China – announced the plan despite sustained objections from India and South Africa that these negotiations had no legitimacy.

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Trade ministers of 164 countries are meeting in Abu Dhabi to tackle a broad range of topics including agriculture, fisheries, and the link between trade and sustainable development.

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The main reasons that foreign investors do not come to many developing countries, least developed countries are poverty, distance and geography, small scale, poor infrastructure, and high costs.

Source: Freepik