RESTRICTED

INF/IFD/RD/124/Rev.1

21 April 2023

(23-2896) Page: 1/30

Original: English

WTO STRUCTURED DISCUSSIONS ON INVESTMENT FACILITATION FOR DEVELOPMENT

"DRAFT IFD AGREEMENT"

Revision

1. The 'Draft IFD Agreement' is aimed at facilitating negotiations among participating Members
on an Agreement on Investment Facilitation for Development. It consolidates the successive
updates made to the 'Consolidated Document' ('Easter Text' 1) since the first version circulated to
all WTO Members on 12 April 2021. Like the 'Easter Text', the 'Draft IFD Agreement', has been
prepared under the responsibility of the co-Coordinators. It is based on text proposals and
contributions submitted by Members and text contributions by the facilitators of the Discussion
Groups that have been discussed at previous meetings.
2. The 'Draft IFD Agreement' reflects the substantial progress made in the negotiations since
their launch in September 2020. This revised version (revision 1) reflects the considerable
advances made by Members participating in the negotiations since the first version of 'Draft IFD
Agreement' was circulated on 16 December 2022, resulting from the meetings held on 31
January–2 February, 1-3 March and 3-5 April 2023.
3. Notably, this revised version:
i. Removes the Annex containing proposals on remaining issues as per the 'sunset approach' 2
and consequently, includes in Section II a new provision on 'Information to be made
publicly available on the entry and temporary stay of natural persons [for the purpose of
conducting investment activities]' (provision 12); and,

ii. Removes all remaining brackets in Sections II ('Transparency of Investment Measures'),

III ('Streamlining and Speeding up Administrative Procedures'), and IV ('Focal Points,
Domestic Regulatory Coherence and Cross-Border Cooperation').

4. In addition, this revised version removes a number of remaining brackets in Sections I

('Scope and General Principles'),3 V ('Special and Differential Treatment for Developing and Least-
Developed Country Members'),4 and VII ('Institutional Arrangements and Final Provisions'). 5
Besides, this version also moves the provision on 'Disclosure of confidential information' to Section
VII (renumbered provision 40) and the provision on 'Supplier development programmes' to Section
IV (provision 25). Finally, this version includes in-between brackets a new provision titled
'Monetary and exchange [rate] policies' in Section VII (provision 43).
5. For the ease of reading, the numbering of the Articles has been updated throughout the
Draft IFD Agreement, including Section V based on the TFA.

1 Document INF/IFD/RD/74 and its successive revisions.

2 Please refer to 'Report by the co-Coordinators on the consultations in different configurations held on
30 and 31 January 2023, and the open-ended plenary held in the afternoon of 1 February 2023', para. 3.5,
dated 22 February 2023 (INF/IFD/RD/127).
3 In provisions 2.1 and 2.5(b) ('Scope'), 3 ('Definitions') sub-paragraphs (b) and (c), and footnote 6 in
provision 5 ('Most-Favoured Nation Treatment').
4 In provisions 27.2 (footnote 32), 28.1(a), 28.2, 28.3 (which was removed from the text), 29.1, 29.2,
30.1 (sub-paragraphs (a) to (d)), 30.2 (sub-paragraphs (a), (c) and footnote 35 in (d)), 34.1 to 34.3, 35.5.
5 In provision 39 ('WTO Committee on Investment Facilitation'), sub-paragraph 39.1 and first bracket in
sub-paragraph 39.5.
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6. The 'Draft IFD Agreement' follows the same methodology and principles as those used in its
predecessor document, the 'Easter Text'. The principle that 'nothing is agreed until everything is
agreed' applies. The text that is not in square brackets does not indicate agreement to, or
conclusion of, the text and only highlights areas of common ground among participating Members.
7. This document has been prepared on a without prejudice basis to allow participants to
further visualize the contours of the future IFD Agreement on the basis of a 'single text'.

_______________
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TABLE OF CONTENTS

PREAMBLE........................................................................................................................5
SECTION I: SCOPE AND GENERAL PRINCIPLES................................................................6
1 OBJECTIVES................................................................................................................6
2 SCOPE.........................................................................................................................6
3 DEFINITIONS..............................................................................................................6
4 RELATION TO INTERNATIONAL INVESTMENT AGREEMENTS........................................7
5 MOST-FAVOURED NATION TREATMENT.......................................................................7
SECTION II: TRANSPARENCY OF INVESTMENT MEASURES...............................................9
6 PUBLICATION AND AVAILABILITY OF MEASURES AND INFORMATION........................9
7 INFORMATION TO BE MADE PUBLICLY AVAILABLE IF AN AUTHORIZATION IS
REQUIRED FOR AN INVESTMENT....................................................................................10
8 SINGLE INFORMATION PORTAL.................................................................................10
9 NO FEES IMPOSED FOR ACCESS TO INFORMATION...................................................10
10 PUBLICATION IN ADVANCE AND OPPORTUNITY TO COMMENT ON PROPOSED
MEASURES......................................................................................................................10
11 NOTIFICATION TO THE WTO...................................................................................11
12 INFORMATION TO BE MADE PUBLICLY AVAILABLE ON THE ENTRY AND TEMPORARY
STAY OF NATURAL PERSONS [FOR THE PURPOSE OF CONDUCTING INVESTMENT
ACTIVITIES]..................................................................................................................11
SECTION III: STREAMLINING AND SPEEDING UP ADMINISTRATIVE PROCEDURES........12
13 REASONABLE, OBJECTIVE AND IMPARTIAL ADMINISTRATION OF MEASURES.........12
14 GENERAL PRINCIPLES FOR AUTHORIZATION PROCEDURES....................................12
15 AUTHORIZATION PROCEDURES...............................................................................12
Application periods...........................................................................................................12
Acceptance of authenticated copies....................................................................................12
Processing of applications..................................................................................................13
Treatment of incomplete applications..................................................................................13
Rejection of applications...................................................................................................13
16 MULTIPLE APPLICATIONS.......................................................................................14
17 AUTHORIZATION FEES............................................................................................14
17 BIS AUTHORIZATION FEES – FINANCIAL SERVICES..................................................14
18 USE OF ICT/E-GOVERNMENT...................................................................................14
Submission of applications online, use of electronic forms, documents and copies.....................14
Online payment of authorization fees..................................................................................14
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19 INDEPENDENCE OF COMPETENT AUTHORITIES.......................................................14

20 APPEAL OR REVIEW.................................................................................................15
21 PERIODIC REVIEW..................................................................................................15
SECTION IV: FOCAL POINTS, DOMESTIC REGULATORY COHERENCE AND CROSS-BORDER
COOPERATION...............................................................................................................16
22 FOCAL POINTS.........................................................................................................16
23 DOMESTIC REGULATORY COHERENCE.....................................................................16
24 DOMESTIC SUPPLIER DATABASES...........................................................................16
25 SUPPLIER-DEVELOPMENT PROGRAMMES................................................................17
26 CROSS-BORDER CO-OPERATION ON INVESTMENT FACILITATION...........................17
SECTION V: SPECIAL AND DIFFERENTIAL TREATMENT FOR DEVELOPING AND
LEAST-DEVELOPED COUNTRY MEMBERS.........................................................................18
27 GENERAL PRINCIPLES.............................................................................................18
28 CATEGORIES OF PROVISIONS.................................................................................18
29 NOTIFICATION AND IMPLEMENTATION OF CATEGORY A.........................................18
30 NOTIFICATION OF DATES FOR IMPLEMENTATION OF CATEGORIES B AND C...........19
Developing Country Member Category B..............................................................................19
Developing Country Member Category C..............................................................................19
Least-Developed Country Member Category B......................................................................20
Least-Developed Country Member Category C......................................................................20
31 EARLY WARNING MECHANISM: EXTENSION OF IMPLEMENTATION DATES FOR
PROVISIONS IN CATEGORIES B AND C...........................................................................21
32 EXPERT GROUP TO SUPPORT IMPLEMENTATION OF CATEGORY B AND CATEGORY C21
33 SHIFTING BETWEEN CATEGORIES B AND C.............................................................22
34 GRACE PERIOD FOR THE APPLICATION OF THE UNDERSTANDING ON RULES AND
PROCEDURES GOVERNING THE SETTLEMENT OF DISPUTES...........................................22
35 PROVISION OF ASSISTANCE AND SUPPORT FOR CAPACITY BUILDING...................23
36 INFORMATION ON ASSISTANCE AND SUPPORT FOR CAPACITY BUILDING TO BE
SUBMITTED TO THE COMMITTEE....................................................................................24
SECTION VI: SUSTAINABLE INVESTMENT......................................................................26
37 RESPONSIBLE BUSINESS CONDUCT.........................................................................26
38 MEASURES AGAINST CORRUPTION..........................................................................26
SECTION VII: INSTITUTIONAL ARRANGEMENTS AND FINAL PROVISIONS.....................27
39 WTO COMMITTEE ON INVESTMENT FACILITATION..................................................27
40 DISCLOSURE OF CONFIDENTIAL INFORMATION......................................................28
41 GENERAL AND SECURITY EXCEPTIONS....................................................................28
42 FINANCIAL EXCEPTIONS.........................................................................................28
43 [MONETARY AND EXCHANGE [RATE] POLICIES.......................................................28
44 DISPUTE SETTLEMENT.............................................................................................28
45 FINAL PROVISIONS.................................................................................................28
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PREAMBLE

Members,

Recognizing the complementary relationship between investment and trade and their key role to
advance development in the global economy;

Recognizing the importance of investment in the promotion of sustainable development, economic

growth, poverty reduction, job creation, technology transfer, the expansion and diversification of
productive capacity and trade, as well as for the achievement of the United Nations 2030
Sustainable Development Goals;

Desiring to increase the participation of developing countries in investment flows including, inter
alia, through a more transparent and efficient investment environment;

Aiming to enhance investment, including investment in and by micro, small and medium-sized
enterprises;

Wishing to establish multilateral rules and disciplines on investment facilitation to enhance the
transparency, efficiency and predictability of the investment regulatory environment;

Affirming the importance of responsible business conduct and combating corruption for promoting
sustainable investment;

Recognizing the particular needs of developing and especially least-developed country Members
and the importance to support them in implementing this Agreement through enhanced technical
assistance and capacity building;

Recognizing the importance of information sharing, the exchange of best practices and other
means of international cooperation on investment facilitation, including with relevant international
organizations;

Recognizing the importance of domestic coordination, regulatory coherence and enhancing

relations with relevant stakeholders;

Recognizing the right of Members to regulate in the public interest within their territories so as to
meet their policy objectives;

Hereby agree as follows:

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SECTION I: SCOPE AND GENERAL PRINCIPLES

1 OBJECTIVES

1.1. The purpose of this Agreement is to improve the transparency of measures, streamline
administrative procedures, adopt other investment facilitation measures as well as to promote
international cooperation, as a means of facilitating the flow of foreign direct investment between
Members, particularly to developing and least developed country Members, with the aim of
fostering sustainable development.

2 SCOPE

2.1. With the aim of facilitating foreign direct investments, this Agreement applies to measures
adopted or maintained by a Member relating to investment activities of investors of another
Member.

2.2. Nothing in this Agreement shall be construed to create new or modify existing commitments
relating to market access, 1 nor to create new or modify existing rules on the protection of
investments or investor-state dispute settlement.

2.3. A Member's obligations under this Agreement shall apply to measures adopted or maintained
by:

(a) its central, regional or local governments and authorities; and

(b) non-governmental bodies in the exercise of powers delegated by central, regional or

local governments or authorities.

2.4. In fulfilling its obligations and commitments under this Agreement, each Member shall take
such reasonable measures as may be available to it to ensure their observance by regional and
local governments and authorities and non-governmental bodies within its territory.

2.5. This Agreement shall not apply to:

(a) government procurement; and

(b) subsidies or grants of a Member, which under that Member's laws and regulations are
not available to an investor of another Member.

3 DEFINITIONS

3.1. For the purposes of this Agreement:

(a) "investment activities" means the establishment, acquisition, expansion, operation,

management, maintenance, and sale or other disposal of an investment;

(b) "measure" means any measure by a Member, whether in the form of a law, regulation,
rule, procedure, decision, administrative action, or any other form;

(c) "authorization" means the permission 1 by a competent authority2 to pursue investment

activities, resulting from a procedure an investor must adhere to in order to demonstrate
compliance with the necessary requirements;

1 [For purposes of this Agreement, the term 'market access' includes the concept of 'right of
establishment'.]
1 For greater certainty, the legal system of a Member may prescribe that a permission be provided in a
certain form, such as an administrative act.
2 "Competent authority" means a central, regional or local government or authorities of a Member, or a
non-governmental body in the exercise of powers delegated by a central, regional or local government or
authorities of a Member, that grants an authorization.
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(d) "Investor of another Member" means

(i) a natural person having the nationality of that Member in accordance with its laws
and regulations;

(ii) a natural person who has the right of permanent residence in that Member, where
such Member does not have nationals or has made a notification pursuant to
Article XXVIII(k)(ii) of the GATS; or

(iii) a juridical person with substantive business operations in the territory of that
Member;

that is engaged in investment activities in the territory of any other Member.

(e) "juridical person" means any legal entity duly constituted or otherwise organized under
applicable law, whether for profit or otherwise, and whether privately-owned or
governmentally-owned, including any corporation, trust, partnership, joint venture, sole
proprietorship or association.

4 RELATION TO INTERNATIONAL INVESTMENT AGREEMENTS

4.1. International Investment Agreements shall not serve as a means to interpret or apply this
Agreement.

4.2. This Agreement shall not serve as a means to interpret any provision of an International
Investment Agreement of a Member, and shall not be used as the basis for a claim or in any way
by a claimant under the procedures for the resolution of investment disputes between investors
and states provided for in an International Investment Agreement of a Member.1

5 MOST-FAVOURED NATION TREATMENT

5.1. Each Party shall accord to investors of another [Member] [Party] and their investments
treatment no less favourable than that it accords, in like circumstances, to investors of any other
Member and their investments, in applying the provisions set out in this Agreement in its
territory.1

5.2. Paragraph 5.1. shall not be construed as requiring a Party to extend to investors of another
[Member] [Party] or their investments the advantage of any treatment resulting from:
(a) an International Investment Agreement, whether it is:

(i) a separate agreement; or

(ii) investment-related chapters in an agreement forming a free trade area or a customs

union pursuant to Article XXIV of the GATT 1994 or the Enabling Clause, or an
economic integration agreement pursuant to Article V of GATS;

(b) other relevant provisions2 in an agreement forming a free trade area or a customs union
pursuant to Article XXIV of the GATT 1994 or the Enabling Clause, or an economic
integration agreement pursuant to Article V of GATS; or

(c) measures providing for recognition, including the recognition of the standards or criteria
for the authorization, licensing, or certification of a natural person or enterprise to carry

1 For greater certainty, provisions included in this Agreement do not in themselves constitute
"treatment" within the meaning of relevant provisions of International Investment Agreements.
1 (For consideration at a later stage): [This paragraph shall not be construed as creating any obligation
for Members that have not accepted this Agreement. Nor shall it be construed as creating any right for those
Members to refer matters arising from this Agreement to a dispute settlement proceeding under the Dispute
Settlement Understanding.]
2 For greater certainty, the term "relevant provisions" refers to provisions that relate to the same
subject matter or to the same category of subjects to which this Agreement applies.
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out an economic activity, or the recognition of prudential measures as referred to in

paragraph 3 of the GATS Annex on Financial Services.

5.3. For greater certainty, provisions included in other international agreements concluded by a
Party do not in themselves constitute "treatment" as referred to in paragraph 5.1. and thus
cannot be taken into account when assessing a breach of this Agreement.

5.4. For greater certainty, the treatment accorded by a Party under this Article means, with
respect to a government other than at the central level, treatment accorded, in like circumstances,
by that government to investors, and to investments of investors, of any other Member.
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SECTION II: TRANSPARENCY OF INVESTMENT MEASURES

6 PUBLICATION AND AVAILABILITY OF MEASURES AND INFORMATION

6.1. Each Member shall promptly publish1 or otherwise make publicly available and, except in
emergency situations, at the latest by the time of their entry into force, all relevant measures of
general application with respect to matters falling within the scope of this Agreement in such a
manner as to enable investors, other interested persons and other Members to become acquainted
with them. Each Member shall publish, at the latest by the time of their entry into force,
international agreements affecting investment to which it is a signatory party.

6.2. Each Member shall, to the extent practicable, endeavour to allow reasonable time between
publication of the text of a law or regulation referred to in paragraph 6.1. and the date on which
investors must comply with the law or regulation.

6.3. In publishing a new law or regulation referred to in paragraph 6.1. , or changes thereto, or
in advance of such publication, to the extent practicable and in a manner consistent with its legal
system for adopting measures, a Member shall endeavour to explain the purpose and rationale of
the law or regulation.

6.4. Each Member shall make available via electronic means information of importance to
investors, and keep the information updated, as appropriate. Such information includes:

(a) laws and regulations specifically addressing foreign direct investment, where they exist;

(b) information on which sectors are open, restricted or prohibited to foreign direct
investment;

(c) where practicable, information on the practical steps relevant to invest in its territory.
This information should cover, inter alia, the requirements and procedures, where they
exist, related to:

(i) company establishment and business registration;

(ii) connecting to essential infrastructure;

(iii) acquisition and registering of property;

(iv) construction permits;

(v) capital transfers and payments;

(vi) the payment of taxes;

(vii) public incentives available to investors; and

(viii) resolving insolvency;

(d) contact information of relevant competent authorities.

6.5. Members that adopt or maintain measures of general application to facilitate outward foreign
direct investment, are encouraged to publish them or otherwise make them publicly available,
including through electronic means.

1 For purposes of these disciplines, "publish" means to include in an official publication, such as an
official journal, or on an official website.
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7 INFORMATION TO BE MADE PUBLICLY AVAILABLE IF AN AUTHORIZATION IS

REQUIRED FOR AN INVESTMENT

7.1. If a Member requires authorization for an investment in its territory, the Member shall
promptly publish or otherwise make publicly available in writing, to the extent practicable via
electronic means, and keep updated, the information necessary to comply with the requirements
and procedures for obtaining, maintaining, amending and renewing such authorization. Such
information shall include, inter alia, where it exists:

(a) the requirements including the relevant technical regulations and standards applicable to
the respective investment;

(b) the relevant forms;

(c) procedures;

(d) indicative timeframes for processing of an application;

(e) authorization fees;

(f) opportunities for public involvement, such as through hearings or comments;

(g) procedures for appeal or review of decisions concerning applications;

(h) procedures for monitoring or enforcing compliance with the terms and conditions of
authorizations; and

(i) contact information of the relevant competent authorities.

7.2. To the extent practicable, the information in paragraph 7.1. should be made available in one
of the official languages of the WTO.

8 SINGLE INFORMATION PORTAL

8.1. To the extent practicable, each Member is encouraged to make available measures and
information referred to in paragraphs 6.1.1.1.1 6.1. , 6.1.1.1.1 6.4. and 7.1.1.1.1 7.1.
through a single information portal, which includes making available the relevant web links to
electronic publications.

8.2. Members shall endeavour to ensure that the single information portal is kept updated.

8.3. Each Member should include in the single information portal the contact information of the
focal points or appropriate mechanisms referred to in paragraph 22.1.1.1.1 22.1. .

8.4. Each Member is encouraged to publish on the single information portal the measures and
information referred to in paragraphs 6.1.1.1.1 6.4. and 7.1.1.1.1 7.1. in one of the official
languages of the WTO.

9 NO FEES IMPOSED FOR ACCESS TO INFORMATION

9.1. No fee shall be imposed on any investor or person seeking to invest in a Member's territory
for access to the measures or information provided under this section.

10 PUBLICATION IN ADVANCE AND OPPORTUNITY TO COMMENT ON PROPOSED

MEASURES

10.1. To the extent practicable and in a manner consistent with its legal system for adopting
measures, each Member1 shall publish in advance:

1 Paragraphs 10.1.1.1.1 10.1. to 10.1.1.1.1 10.3. recognize that Members have different systems
to consult interested persons and other Members on certain measures before their adoption, and that the
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(a) its laws and regulations of general application, or changes thereto, it proposes to adopt
in relation to matters falling within the scope of this Agreement; or

(b) documents that provide sufficient details about such a possible new law or regulation to
allow investors, other interested persons and other Members to assess whether and how
their interests might be significantly affected.

10.2. To the extent practicable and in a manner consistent with its legal system for adopting
measures, each Member is encouraged to apply paragraph 10.1. to procedures and
administrative rulings of general application it proposes to adopt in relation to matters falling
within the scope of this Agreement.

10.3. To the extent practicable and in a manner consistent with its legal system for adopting
measures, each Member shall provide investors, other interested persons and other Members a
reasonable opportunity to comment on such proposed measures or documents published under
paragraph 10.1. or 10.2. and shall consider the comments received.2 3

11 NOTIFICATION TO THE WTO

11.1. Each Member shall promptly notify the Committee on Investment Facilitation established
under paragraph 39.1.1.1.1 39.1. of:

(a) the introduction of any new, or any significant changes to existing, laws or regulations of
general application referred to in paragraph 6.1.1.1.1 6.1. ;

(b) the official place(s) where the measures in paragraphs 6.1.1.1.1 6.1. and 7.1.1.1.1
7.1. have been published;

(c) the website(s) referred to in paragraphs 6.1.1.1.1 6.4. , 7.1.1.1.1 7.1. and
8.1.1.1.1 8.1. ;

(d) the contact information of the relevant competent authorities referred to in

paragraphs 6.1.1.1.1 6.4. (d) and 7.1.1.1.1 7.1. (i), and of the focal points or
appropriate mechanisms referred to in paragraph 22.1.1.1.1 22.1. .

12 INFORMATION TO BE MADE PUBLICLY AVAILABLE ON THE ENTRY AND TEMPORARY

STAY OF NATURAL PERSONS [FOR THE PURPOSE OF CONDUCTING INVESTMENT
ACTIVITIES]

12.1. Except as set out in paragraph 12.3. , this Agreement shall not apply to measures by a
Member relating to the entry of natural persons into, or temporary stay in, its territory.

12.2. For greater certainty, this Agreement shall not apply to measures affecting natural persons
seeking access to the employment market of a Member, nor shall it apply to measures regarding
citizenship, nationality, residence or employment on a permanent basis.

12.3. To the extent practicable, each Member shall make publicly available online information on
the requirements and procedures for entry and temporary stay of natural persons in its territory,
including, where applicable, relevant forms, documents, fees, and explanatory materials that will
enable interested persons of any other Member to become acquainted with applicable
requirements and procedures.

alternatives set out in paragraph 10.1.1.1.1 10.1. reflect different legal systems.
2 This provision does not place any obligation on the final decision of a Member that adopts or
maintains any measure for authorisation for an investment. The submission of comments does not oblige the
relevant competent authorities to accept them in whole or in part.
3 For greater certainty, the sole fact that the legal system of a Member may provide that proposed
measures on taxation are published for information only and not for comment, is not inconsistent with
paragraph 10.1.1.1.1 10.3. .
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SECTION III: STREAMLINING AND SPEEDING UP ADMINISTRATIVE PROCEDURES 1

13 REASONABLE, OBJECTIVE AND IMPARTIAL ADMINISTRATION OF MEASURES

13.1. Each Member shall ensure that all measures of general application within the scope of this
Agreement are administered in a reasonable, objective and impartial manner.

14 GENERAL PRINCIPLES FOR AUTHORIZATION PROCEDURES

14.1. Each Member shall ensure that authorization procedures it adopts or maintains do not
unduly complicate or delay investment activities.

14.2. If a Member adopts or maintains measures relating to the authorization for an investment,
the Member shall ensure that:

(a) such measures are based on objective and transparent criteria 1;

(b) the procedures are impartial, and that the procedures are adequate for applicants to
demonstrate whether they meet the requirements, where such requirements exist; and

(c) the procedures do not in themselves unjustifiably prevent the fulfilment of requirements.

14.3. The assessment by a Member's relevant competent authorities of an application for

authorization shall be made on the basis of criteria set out in a measure in accordance with its
legal system.2

15 AUTHORIZATION PROCEDURES

15.1. If a Member requires authorization for an investment, it shall ensure that its competent
authorities:

Application periods

(a) to the extent practicable permit submission of an application at any time throughout the
year.1 If a specific time period exists for applying for an authorization, the Member shall
ensure that the competent authorities allow a reasonable period for the submission of an
application;

1 For the purposes of this Section, an "applicant" is a natural or juridical person of another Member who
has applied for an authorization to invest in the territory of any other Member.
1 Such criteria may include, inter alia, competence and the ability to carry out an investment activity,
including to do so in a manner consistent with a Member's regulatory requirements, such as health and
environmental requirements. Competent authorities may assess the weight to be given to each criterion.
2 For greater certainty, the assessment of a single application based upon the assessment-specific
criteria referred to in paragraph 14.1.1.1.1 14.3. , or the conclusion reached by the competent authorities
regarding a single application, is not subject to the WTO Dispute Settlement Understanding.
1 Competent authorities are not required to start considering applications outside of their official
working hours and working days.
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Acceptance of authenticated copies2

(b) accept copies of documents that are authenticated in accordance with the Member's laws
and regulations, in place of original documents, unless the competent authorities require
original documents to protect the integrity of the authorization process;

(c) where a competent authority of a Member requires and holds original documents, any
other competent authority of that Member shall accept an authenticated copy from the
applicant or, where applicable, a copy from the authority holding the original;

Processing of applications

(d) to the extent practicable, provide an indicative timeframe for processing of an

application;

(e) at the request of the applicant, provide without undue delay information concerning the
status of the application;

(f) to the extent practicable, ascertain without undue delay the completeness of an
application for processing under the Member's laws and regulations;

(g) if they consider an application complete for processing under the Member's laws and
regulations3, within a reasonable period of time after the submission of the application,
ensure that:

(i) the processing of the application is completed; and

(ii) the applicant is informed of the decision concerning the application 4, to the extent
possible in writing5;

Treatment of incomplete applications

(h) if they consider an application incomplete for processing under the Member's laws and
regulations, within a reasonable period of time after the submission of the application, to
the extent practicable:

(i) inform the applicant that the application is incomplete;

(ii) upon request of the applicant, identify the additional information required to
complete the application, or otherwise provide guidance on why the application is
considered incomplete; and

(iii) provide the applicant with the opportunity 6 to provide the additional information that
is required to complete the application;

2 Also addressed in paragraph 18.1.1.1.1 18.1. on "Submission of applications online, use of

electronic forms, documents and copies".
3 Competent authorities may require that all information is submitted in a specified format to consider it
"complete for processing".
4 Competent authorities may meet this requirement by informing an applicant in advance in writing,
including through a published measure that lack of response after a specified period of time from the date of
submission of the application indicates either acceptance or rejection of the application.
5 "In writing" may include in electronic form.
6 Such opportunity does not require a competent authority to provide extensions of deadlines.
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however, if none of the above is practicable, and the application is rejected due to
incompleteness, ensure that they so inform the applicant within a reasonable period of
time after the rejection decision; and

Rejection of applications

(i) if an application is rejected, to the extent practicable, either upon their own initiative or
upon request of the applicant, inform the applicant in writing of the reasons for rejection
and, if applicable, the procedures for resubmission of an application. An applicant should
not be prevented from submitting another application 7 solely on the basis of a previously
rejected application.

15.2. The competent authorities of a Member shall ensure that authorization, once granted,
enters into effect without undue delay, subject to applicable terms and conditions. 8

[Risk Management Techniques and 'Silence is consent' Principle]

[Note: These two elements (included in text proposals by a Member) may be included in a 'Future
Work Programme' to be decided.]

16 MULTIPLE APPLICATIONS

16.1. Each Member shall, to the extent practicable, avoid requiring an applicant to approach more
than one competent authority for each application for authorization. If an investment is within the
jurisdiction of multiple competent authorities, multiple applications for authorization may be
required. In such cases, to the extent practicable and in accordance with its legal system, each
Member is encouraged to utilize a single-entry point for the applications. Members may use the
single information portal referred to in paragraph 8.1.1.1.1 8.1. under Section II for that
purpose.

17 AUTHORIZATION FEES

17.1. Each Member shall ensure that the authorization fees 1 charged by its competent authorities,
where they exist, are reasonable, transparent, based on authority set out in a measure, and do
not in themselves restrict investment activities of investors of another Member.

17.2. Each Member shall accord an adequate time period between the publication of new or
amended authorization fees and their entry into force, except in urgent circumstances. Such fees
shall not be applied until information on them has been published.

17 BIS AUTHORIZATION FEES – FINANCIAL SERVICES

17.3. Each Member shall ensure that its competent authorities, with respect to authorization fees
they charge regarding financial services, provide an applicant with a schedule of fees or
information on how fee amounts are determined. Members shall not use such fees as a means of
avoiding the Member's commitments or obligations under this Agreement.

18 USE OF ICT/E-GOVERNMENT1

Submission of applications online, use of electronic forms, documents and copies

18.1. If a Member requires authorization for an investment, its competent authorities, taking into
account their competing priorities and resource constraints, shall endeavour to accept electronic
submission of applications, including in electronic format. 2

7 Competent authorities may require that the content of such an application has been revised.
8 Competent authorities are not responsible for delays due to reasons outside their competence.
1 Authorization fees do not include fees for the use of natural resources, royalties, payments for
auction, tendering or other non-discriminatory means of awarding concessions, or mandated contributions to
universal service provision.
1 Including electronic submission of applications, documents and copies, and use of electronic forms.
2 This provision applies also to the acceptance of copies in lieu of original documents.
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Online payment of authorization fees

18.2. Each Member shall, to the extent practicable, allow the electronic payment of authorization
fees collected by relevant competent authorities.

19 INDEPENDENCE OF COMPETENT AUTHORITIES

19.1. If a Member adopts or maintains a measure relating to the authorization for an investment,
the Member shall ensure that the competent authority reaches and administers its decisions in a
manner independent from any enterprise carrying out the economic activity for which
authorization is required.1

20 APPEAL OR REVIEW

20.1. Each Member shall maintain or institute judicial, arbitral or administrative tribunals or
procedures which provide, at the request of an affected investor, for the prompt review of, and
where justified, appropriate remedies for, administrative decisions affecting investment. Such
tribunals or procedures shall be impartial and independent of the authority entrusted with the
administrative decision concerned and they shall not have any substantial interest in the outcome
of the matter. Where such procedures are not independent of the agency entrusted with the
administrative decision concerned, the Member shall ensure that the procedures in fact provide for
an objective and impartial review.

20.2. The provisions of paragraph 20.1. shall not be construed to require a Member to institute
such tribunals or procedures where this would be inconsistent with its constitutional structure or
the nature of its legal system.

20.3. Each Member shall ensure that the parties in paragraph 20.1. are provided with the right
to:

(a) a reasonable opportunity to support or defend their respective positions and submit all
relevant information; and

(b) a decision based on the evidence and submissions of record or, where required by its
law, the record compiled by the administrative authority.

20.4. The decision in paragraph 20.3. shall, subject to appeal or further review as provided for in
each Member's law, be implemented by the authority entrusted with administrative enforcement.

21 PERIODIC REVIEW

21.1. Each Member is encouraged to review, at intervals it deems appropriate, its measures of
general application within the scope of this Agreement to determine whether any of such measures
it has implemented should be modified, streamlined, expanded or repealed so as to make the
Member's investment facilitation regime more effective in achieving its policy objectives and in
addressing the specific needs of micro, small and medium-sized enterprises.

21.2. Each Member is encouraged to periodically review its authorization fees with a view to
reducing their number and diversity.

21.3. Members are encouraged to consider stakeholder feedback and make use of relevant
international performance indicators. Members are invited to share with the Committee on
Investment Facilitation established under paragraph 39.1.1.1.1 39.1. their experiences in
carrying out periodic reviews and policy recommendations resulting thereof.

1 For greater certainty, this provision does not mandate a particular administrative structure; it refers
to the decision-making process and administering of decisions.
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SECTION IV: FOCAL POINTS, DOMESTIC REGULATORY COHERENCE

AND CROSS-BORDER COOPERATION

22 FOCAL POINTS

22.1. Each Member shall establish or maintain one or more focal points or appropriate
mechanisms to:

(a) respond to enquiries from investors or persons seeking to invest 1 regarding the
measures covered by this Agreement2; and

(b) assist investors or persons seeking to invest in obtaining relevant information on

measures covered by this Agreement from competent authorities.

22.2. Members are encouraged not to require the payment of a fee for answering enquiries or
assisting investors in obtaining relevant information.

22.3. Members may assign additional functions to the focal points or appropriate mechanisms
established under paragraph 22.1. such as assist in resolving problems of investors or persons
seeking to invest that may arise regarding measures covered by this Agreement or recommend
measures to improve the investment environment.

[Business Obstacle Alert Mechanism]

[Note: This element (included in a text proposal by a Member) may be included in a 'Future Work
Programme' to be decided.]

23 DOMESTIC REGULATORY COHERENCE

23.1. When preparing major regulatory measures within the scope of this Agreement, each
Member is encouraged to carry out, in accordance with its respective rules and procedures, an
impact assessment1 of such measures.

23.2. When conducting such impact assessments, the regulatory authority of the Member should
offer reasonable opportunities for any interested person, on a non-discriminatory basis, to provide
comments and take into consideration the potential impact of the proposed regulation on
investors, including micro, small and medium-sized enterprises.

23.3. Each Member should ensure that, in accordance with its legal system, its competent
authorities responsible for procedures related to investments cooperate with one another and
coordinate their activities in order to facilitate investment.

24 DOMESTIC SUPPLIER DATABASES

24.1. Each Member is encouraged to promote the establishment of one, or more, domestic
supplier database(s)1 with the aim of making available to investors and persons seeking to invest
information on possible relevant domestic suppliers, including micro, small and medium-sized
enterprises.2

24.2. This database may exhibit, inter alia, the following features, where possible:

1 The Member shall endeavour to respond to enquiries within a reasonable time-period set by each
Member, which may vary depending on the nature or complexity of the request.
2 Any information provided under this provision shall be without prejudice as to whether the measure is
consistent with this Agreement.
1 The impact assessment aims to consider, among others, the social, economic and environmental
impact of the intended regulatory measure, as well as appropriate alternatives to a given measure.
1 For greater certainty, it is up to each Member to decide how to implement such domestic supplier
database, including which entity, public or private (e.g., business association), would be in charge of the
database.
2 Such domestic supplier databases are for information purposes only and, therefore, Members shall not
be liable in any form whatsoever for the content shared through these databases.
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(a) be searchable by sector or industry, company, product or service, location, certifications,

etc.;

(b) be available online; and

(c) be available in one of the WTO official languages.

24.3. Members shall endeavour to ensure that domestic supplier databases are kept updated.

25 SUPPLIER-DEVELOPMENT PROGRAMMES

25.1. Members are encouraged, where appropriate and in a manner consistent with their legal
systems and their international trade and investment obligations, to implement programmes that
strengthen the capabilities of local suppliers, especially micro, small and medium-sized
enterprises, to meet sourcing demands of investors of other Members.

26 CROSS-BORDER CO-OPERATION ON INVESTMENT FACILITATION

26.1. On request, a Member shall, to the extent practicable, respond to questions from other
Members on any measure covered by the Agreement. Members shall designate an enquiry point or
use the focal points or appropriate mechanisms referred to in paragraph 22.1.1.1.1 22.1. .

26.2. Members shall, to the extent practicable, encourage cooperation between their respective
competent authorities with respect to any matter falling within the scope of this Agreement. Areas
for cooperation may include:

(a) exchange of information and sharing of experiences regarding the implementation of this
Agreement;

(b) exchange of information on domestic investors; and

(c) the promotion of facilitation agendas with a view to increasing investment for
development, including investment in and by micro, small and medium-sized
enterprises.

26.3. Members are encouraged to inform the Committee on Investment Facilitation about
cooperation activities undertaken under this provision.
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SECTION V: SPECIAL AND DIFFERENTIAL TREATMENT FOR DEVELOPING

AND LEAST-DEVELOPED COUNTRY MEMBERS

27 GENERAL PRINCIPLES

27.1. Members should acknowledge the special difficulties experienced by developing and
particularly least-developed country Members in implementing the provisions of this Agreement.

27.2. Assistance and support for capacity building 1 should be provided to help developing and
least-developed country Members implement the provisions of this Agreement, in accordance with
their nature and scope.2

27.3. The extent and the timing of implementation of the provisions of this Agreement shall be
related to the implementation capacities of developing and least-developed country Members.
Where a developing or least-developed country Member continues to lack the necessary capacity,
implementation of the provision(s) concerned will not be required until implementation capacity
has been acquired.

27.4. Least-developed country Members will only be required to undertake commitments to the
extent consistent with their individual development and financial needs or their administrative and
institutional capabilities.

27.5. These General Principles shall be applied through the provisions set out in this Section.

28 CATEGORIES OF PROVISIONS

28.1. There are three categories of provisions:

(a) Category A contains provisions that a developing country Member or a least-developed

country Member designates for implementation upon entry into force of this framework,
or in the case of a least-developed country Member within one year after entry into
force.

(b) Category B contains provisions that a developing country Member or a least-developed

country Member designates for implementation on a date after a transitional period of
time following the entry into force of this Agreement.

(c) Category C contains provisions that a developing country Member or a least-developed

country Member designates for implementation on a date after a transitional period of
time following the entry into force of this Agreement and requiring the acquisition of
implementation capacity through the provision of assistance and support for capacity
building.

28.2. Each developing country and least-developed country Member shall self-designate, on an
individual basis, the provisions it is including under Category A, Category B and Category C. These
self-designations shall be guided by the self-assessment of compliance levels and implementation
needs of developing and least-developed country Members.

29 NOTIFICATION AND IMPLEMENTATION OF CATEGORY A

29.1. Upon entry into force of this Agreement, each developing country Member shall implement
its Category A commitments. Those commitments designated under Category A will thereby be
made an integral part of this Agreement.

29.2. A least-developed country Member may notify the Committee of the provisions it has
designated in Category A for up to one year after entry into force of this Agreement. Each least-

1 For the purposes of this Agreement, "assistance and support for capacity building" may take the form
of technical, financial, or any other mutually agreed form of assistance provided.
2 Assistance should also be provided to those countries in undertaking self-assessments to determine
the categorization of provisions for implementation of this Agreement.
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developed country Member's commitments designated under Category A will thereby be made an
integral part of this Agreement.

30 NOTIFICATION OF DATES FOR IMPLEMENTATION OF CATEGORIES B AND C

30.1. With respect to the provisions that a developing country Member has not designated in
Category A, the Member may further delay implementation in accordance with the process set out
in this provision.

Developing Country Member Category B

(a) Upon entry into force of this Agreement, each developing country Member shall notify
the Committee of the provisions that it has designated in Category B and their
corresponding indicative dates for implementation.1

(b) No later than one year following entry into force of this Agreement, each developing
country Member shall notify the Committee of its definitive dates for implementation of
the provisions it has designated in Category B. If a developing country Member, before
this deadline, believes it requires additional time to notify its definitive dates, the
Member may request that the Committee extend the period sufficient to notify its dates.

Developing Country Member Category C

(c) Upon entry into force of this Agreement, each developing country Member shall notify
the Committee of the provisions that it has designated in Category C and their
corresponding indicative dates for implementation. For transparency purposes,
notifications submitted shall include information on the assistance and support for
capacity building that the Member requires in order to implement. 2

(d) Within one year following entry into force of this Agreement, developing country
Members and relevant donor Members, taking into account any existing arrangements
already in place, notifications pursuant to paragraph 36.1.1.1.1 36.1. and information
submitted pursuant to subparagraph 30.1. (c), shall provide information to the
Committee on the arrangements maintained or entered into that are necessary to
provide assistance and support for capacity building to enable implementation of
Category C.3

(e) The participating developing country Member shall promptly inform the Committee of
such arrangements. The Committee shall also invite non-Member donors to provide
information on existing or concluded arrangements.

(f) Within 18 months from the date of the provision of the information stipulated in
subparagraph 30.1. (d), donor Members and respective developing country Members
shall inform the Committee of the progress in the provision of assistance and support for
capacity building. Each developing country Member shall, at the same time, notify its list
of definitive dates for implementation.

30.2. With respect to those provisions that a least-developed country Member has not designated
under Category A, least-developed country Members may further delay implementation in
accordance with the process set forth in this provision.

1 Notifications submitted may also include such further information as the notifying Member deems
appropriate. Members are encouraged to provide information on the domestic agency or entity responsible for
implementation.
2 Members may also include information on national investment facilitation implementation plans or
projects, the domestic agency or entity responsible for implementation, and the donors with which the Member
may have an arrangement in place to provide assistance.
3 Such arrangements will be on mutually agreed terms, either bilaterally or through appropriate
international organizations consistent with sub-paragraph 35.1.1.1.1 35.3. .
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Least-Developed Country Member Category B

(a) No later than one year following entry into force of this Agreement, a least-developed
country Member shall notify the Committee of its Category B provisions and may notify
their corresponding indicative dates for implementation of these provisions, taking into
account maximum flexibilities for least-developed country Members.

(b) No later than two years after the notification date stipulated under subparagraph
30.2. (a), each least-developed country Member shall notify the Committee to confirm
designations of provisions and notify its definitive dates for implementation. If a
least-developed country Member, before this deadline, believes it requires additional
time to notify its definitive dates, the Member may request that the Committee extend
the period sufficiently to notify its dates.

Least-Developed Country Member Category C

(c) For transparency purposes and to facilitate arrangements with donors, one year
following entry into force of this Agreement, each least-developed country Member shall
notify the Committee of the provisions it has designated in Category C, taking into
account maximum flexibilities for least-developed country Members.

(d) One year after the date stipulated in subparagraph 30.2. (c), least-developed country
Members shall notify information on assistance and support for capacity building that the
Member requires in order to implement.4

(e) No later than two years after the notification under subparagraph 30.2. (d),
least-developed country Members and relevant donor Members, taking into account
information submitted pursuant to subparagraph 30.2. (d), shall provide information to
the Committee on the arrangements maintained or entered into that are necessary to
provide assistance and support for capacity building to enable implementation of
Category C. The participating least-developed country Member shall promptly inform the
Committee of such arrangements. The least-developed country Member shall, at the
same time, notify indicative dates for implementation of corresponding Category C
commitments covered by the assistance and support arrangements. The Committee shall
also invite non-Member donors to provide information on existing and concluded
arrangements.

(f) No later than 18 months from the date of the provision of the information stipulated in
subparagraph 30.2. (e), relevant donor Members and respective least-developed
country Members shall inform the Committee of the progress in the provision of
assistance and support for capacity building. Each least-developed country Member shall,
at the same time, notify the Committee of its list of definitive dates for implementation.

30.3. Developing country Members and least-developed country Members experiencing difficulties
in submitting definitive dates for implementation within the deadlines set out in paragraphs 30.1.
and 30.2. because of the lack of donor support or lack of progress in the provision of assistance
and support for capacity building should notify the Committee as early as possible prior to the
expiration of those deadlines. Members agree to cooperate to assist in addressing such difficulties,
taking into account the particular circumstances and special problems facing the Member
concerned. The Committee shall, as appropriate, take action to address the difficulties including,
where necessary, by extending the deadlines for the Member concerned to notify its definitive
dates.

30.4. Three months before the deadline stipulated in subparagraphs 30.1. (b) or 30.1. (f), or in
the case of a least-developed country Member, subparagraphs 30.2. (b) or 30.2. (f), the
Secretariat shall remind a Member if that Member has not notified a definitive date for
implementation of provisions that it has designated in Category B or C. If the Member does not
invoke paragraph 30.3. , or in the case of a developing country Member subparagraph 30.1. (b),

4 Members may also include information on national investment facilitation implementation plans or
projects, the domestic agency or entity responsible for implementation, and the donors with which the Member
may have an arrangement in place to provide assistance.
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or in the case of a least-developed country Member subparagraph 30.2. (b), to extend the
deadline and still does not notify a definitive date for implementation, the Member shall implement
the provisions within one year after the deadline stipulated in subparagraphs 30.1. (b) or 30.1.
(f), or in the case of a least-developed country Member, subparagraphs 30.2. (b) or 30.2. (f), or
extended by paragraph 30.3. .

30.5. No later than 60 days after the dates for notification of definitive dates for implementation
of Category B and Category C provisions in accordance with paragraphs 30.1. , 30.2. , or 30.3. ,
the Committee shall take note of the annexes containing each Member's definitive dates for
implementation of Category B and Category C provisions, including any dates set under
paragraph 30.4. , thereby making these annexes an integral part of this Agreement.

31 EARLY WARNING MECHANISM: EXTENSION OF IMPLEMENTATION DATES FOR

PROVISIONS IN CATEGORIES B AND C

31.1.

(a) A developing country Member or least-developed country Member that considers itself to
be experiencing difficulty in implementing a provision that it has designated in Category
B or Category C by the definitive date established under subparagraphs 30.1.1.1.1
30.1. (b) and 30.1.1.1.1 30.1. (f), or in the case of a least-developed country Member
subparagraphs 30.1.1.1.1 30.2. (b) and 30.1.1.1.1 30.2. (f) shall notify the
Committee. Developing country Members shall notify the Committee no later than 120
days before the expiration of the implementation date. Least-developed country
Members shall notify the Committee no later than 90 days before such date.

(b) The notification to the Committee shall indicate the new date by which the developing
country Member or least-developed country Member expects to be able to implement the
provision concerned. The notification shall also indicate the reasons for the expected
delay in implementation. Such reasons may include the need for assistance and support
for capacity building not earlier anticipated or additional assistance and support to help
build capacity.

31.2. Where a developing country Member's request for additional time for implementation does
not exceed 18 months or a least-developed country Member's request for additional time does not
exceed 3 years, the requesting Member is entitled to such additional time without any further
action by the Committee.

31.3. Where a developing country or least-developed country Member considers that it requires a
first extension longer than that provided for in paragraph 31.2. or a second or any subsequent
extension, it shall submit to the Committee a request for an extension containing the information
described in subparagraph 31.1. (b) no later than 120 days in respect of a developing country
Member and 90 days in respect of a least-developed country Member before the expiration of the
original definitive implementation date or that date as subsequently extended.

31.4. The Committee shall give [[sympathetic] TFA [supportive] DMA, GRD] consideration to granting
requests for extension taking into account the specific circumstances of the Member submitting the
request. These circumstances may include difficulties and delays in obtaining assistance and
support for capacity building.

32 EXPERT GROUP TO SUPPORT IMPLEMENTATION OF CATEGORY B AND CATEGORY C

32.1. If a developing country Member or a least-developed country Member, having fulfilled the
procedures set forth in paragraphs 30.1.1.1.1 30.1. or 30.1.1.1.1 30.2. and in Article 31 , and
where an extension requested has not been granted or where the developing country Member or
least-developed country Member otherwise experiences unforeseen circumstances that prevent an
extension being granted under Article 31 , self-assesses that its capacity to implement a provision
under Category C continues to be lacking, that Member shall notify the Committee of its inability to
implement the relevant provision.
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32.2. The Committee shall establish an Expert Group immediately, and in any case no later than
60 days after the Committee receives the notification from the relevant developing country
Member or least-developed country Member. The Expert Group will examine the issue and make a
recommendation to the Committee within 120 days of its composition.

32.3. Expert Group shall be composed of five independent persons that are highly qualified in the
fields of investment facilitation and assistance and support for capacity building. The composition
of the Expert Group shall ensure balance between nationals from developing and developed
country Members. Where a least-developed country Member is involved, the Expert Group shall
include at least one national from a least-developed country Member. If the Committee cannot
agree on the composition of the Expert Group within 20 days of its establishment, the Director-
General, in consultation with the chair of the Committee, shall determine the composition of the
Expert Group in accordance with the terms of this paragraph.

32.4. The Expert Group shall consider the Member's self-assessment of lack of capacity and shall
make a recommendation to the Committee. When considering the Expert Group's recommendation
concerning a least-developed country Member, the Committee shall, as appropriate, take action
that will facilitate the acquisition of sustainable implementation capacity.

32.5. The Member shall not be subject to proceedings under the Dispute Settlement
Understanding on this issue from the time the developing country Member notifies the Committee
of its inability to implement the relevant provision until the first meeting of the Committee after it
receives the recommendation of the Expert Group. At that meeting, the Committee shall consider
the recommendation of the Expert Group. For a least-developed country Member, the proceedings
under the Dispute Settlement Understanding shall not apply to the respective provision from the
date of notification to the Committee of its inability to implement the provision until the Committee
makes a decision on the issue, or within 24 months after the date of the first Committee meeting
set out above, whichever is earlier.

32.6. Where a least-developed country Member loses its ability to implement a Category C
commitment, it may inform the Committee and follow the procedures set out in this Article.

33 SHIFTING BETWEEN CATEGORIES B AND C

33.1. Developing country Members and least-developed country Members which have notified
provisions under Categories B and C, may shift provisions between such categories through the
submission of a notification to the Committee. Where a Member proposes to shift a provision from
Category B to Category C, the Member shall provide information on the assistance and support
required to build capacity.

33.2. In the event that additional time is required to implement a provision shifted from
Category B to Category C, the Member may:

(a) use the provisions of Article 31 including the opportunity for an automatic extension; or

(b) request an examination by the Committee of the Member's request for extra time to
implement the provision and, if necessary, for assistance and support for capacity
building, including the possibility of a review and recommendation by the Expert Group
under Article 32 ; or

(c) in the case of a least-developed country Member, any new implementation date of more
than four years after the original date notified under Category B shall require approval
by the Committee. In addition, a least-developed country Member shall continue to have
recourse to Article 31 . It is understood that assistance and support for capacity building
is required for a least-developed country Member so shifting.

34 GRACE PERIOD FOR THE APPLICATION OF THE UNDERSTANDING ON RULES AND

PROCEDURES GOVERNING THE SETTLEMENT OF DISPUTES

34.1. For a period of two years after entry into force of this Agreement, the provisions of
Articles XXII and XXIII of GATT 1994 as elaborated and applied by the Understanding on Rules and
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Procedures Governing the Settlement of Disputes shall not apply to the settlement of disputes
against a developing country Member concerning any provision that the Member has designated in
Category A.

34.2. For a period of six years after entry into force of this Agreement, the provisions of
Articles XXII and XXIII of GATT 1994 as elaborated and applied by the Understanding on Rules and
Procedures Governing the Settlement of Disputes shall not apply to the settlement of disputes
against a least-developed country Member concerning any provision that the Member has
designated in Category A.

34.3. For a period of eight years after implementation of a provision under Category B or C by a
least-developed country Member, the provisions of Articles XXII and XXIII of GATT 1994 as
elaborated and applied by the Understanding on Rules and Procedures Governing the Settlement
of Disputes shall not apply to the settlement of disputes against that least-developed country
Member concerning that provision.

34.4. Notwithstanding the grace period for the application of the Understanding on Rules and
Procedures Governing the Settlement of Disputes, before making a request for consultations
pursuant to the Understanding on Rules and Procedures Governing the Settlement of Disputes,
and at all stages of dispute settlement procedures with regard to a measure of a least-developed
country Member, a Member shall give particular consideration to the special situation of least-
developed country Members. In this regard, Members shall exercise due restraint in raising
matters under the Understanding on Rules and Procedures Governing the Settlement of Disputes
involving least-developed country Members.

34.5. Each Member shall, upon request, during the grace period allowed under this Article,
provide adequate opportunity to other Members for discussion with respect to any issue relating to
the implementation of this Agreement.

35 PROVISION OF ASSISTANCE AND SUPPORT FOR CAPACITY BUILDING

35.1. Donor Members1 agree to facilitate the provision of technical assistance and support for
Members on mutually agreed terms, either bilaterally or through the appropriate international
organizations.2 The objective is to assist developing country and least-developed country Members
to implement the provisions of Sections II through IV and VI of this Agreement.

35.2. Given the special needs of least-developed country Members, targeted assistance and
support [[shall] [should] be] [are to be] provided to the least-developed country Members so as to
help them build sustainable capacity to implement their commitments. Through the relevant
development cooperation mechanisms and consistent with the principles of technical assistance
and support for capacity building as referred to in paragraph 35.3. , development partners shall
endeavour to provide assistance and support for capacity building in this area in a way that does
not compromise existing development priorities.

35.3. Members shall endeavour to apply the following principles for providing assistance and
support for capacity building with regard to the implementation of this Agreement:

(a) take account of the overall developmental framework of recipient countries and regions
and, where relevant and appropriate, ongoing reform and technical assistance programs;

(b) include, where relevant and appropriate, activities to address regional and subregional
challenges and promote regional and sub-regional integration;

(c) ensure that ongoing investment facilitation reform activities of the private sector are
factored into assistance activities;

1 Donor Members include developed country Members, and developing country Members in a position to
provide technical assistance and support for capacity building.
2 Such activities shall seek to complement and build on existing frameworks or arrangements between
the Members concerned.
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(d) promote coordination between and among Members and other relevant institutions,
including regional economic communities, to ensure maximum effectiveness of and
results from this assistance. To this end:

(i) coordination, primarily in the country or region where the assistance is to be

provided, between partner Members and donors and among bilateral and multilateral
donors, should aim to avoid overlap and duplication in assistance programs and
inconsistencies in reform activities through close coordination of technical assistance
and capacity building interventions;

(ii) for least-developed country Members, the Enhanced Integrated Framework should be
a part of this coordination process; and

(iii) Members should also promote internal coordination between their investment, trade
and development officials, both in capitals and in Geneva, in the implementation of
this Agreement and technical assistance.

(e) encourage use of existing in-country and regional coordination structures such as
roundtables and consultative groups to coordinate and monitor implementation
activities; and

(f) encourage developing country Members to provide capacity building to other developing
and least-developed country Members and consider supporting such activities, where
possible.

35.4. The Committee shall hold at least one dedicated session per year to:

(a) discuss any problems regarding implementation of provisions or sub-parts of provisions

of this Agreement;

(b) review progress in the provision of assistance and support for capacity building to
support the implementation of the Agreement, including any developing or least
developed country Members not receiving adequate assistance and support for capacity
building;

(c) share experiences and information on ongoing assistance and support for capacity
building and implementation programs, including challenges and successes;

(d) review donor notifications as set forth in Article 36 ; and

(e) review the operation of paragraph 35.2. .

35.5. Technical assistance and capacity building may also include:

(a) building expertise in relevant authorities to strengthen their capacities to maximize

positive impacts of investment;

(b) building capacity for the preparation of feasibility studies for investment projects,
including environmental and social impact assessments and regulatory and
administrative requirements; and

(c) other activities and priorities as agreed by beneficiary and donor Members.

36 INFORMATION ON ASSISTANCE AND SUPPORT FOR CAPACITY BUILDING TO BE

SUBMITTED TO THE COMMITTEE

36.1. To provide transparency to developing country Members and least-developed country

Members on the provision of assistance and support for capacity building for implementation of the
relevant sections of this Agreement, each donor Member assisting developing country Members
and least-developed country Members with the implementation of this Agreement shall submit to
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the Committee, at entry into force of this Agreement and annually thereafter, the following
information on its assistance and support for capacity building that was disbursed in the preceding
12 months and, where available, that is committed in the next 12 months 1:

(a) a description of the assistance and support for capacity building;

(b) the status and amount committed/disbursed;

(c) procedures for disbursement of the assistance and support;

(d) the beneficiary Member or, where necessary, the region; and

(e) the implementing agency in the Member providing assistance and support.

Developing country Members declaring themselves in a position to provide assistance and support
for capacity building are encouraged to provide the information above.

36.2. Donor Members assisting developing country Members and least-developed country
Members shall submit to the Committee:

(a) contact points of their agencies responsible for providing assistance and support for
capacity building related to the implementation of Sections II through IV and VI of this
Agreement including, where practicable, information on such contact points within the
country or region where the assistance and support is to be provided; and

(b) information on the process and mechanisms for requesting assistance and support for
capacity building.

Developing country Members declaring themselves in a position to provide assistance and support
are encouraged to provide the information above.

36.3. Developing country Members and least-developed country Members intending to avail
themselves of investment facilitation-related assistance and support for capacity building shall
submit to the Committee information on contact point(s) of the office(s) responsible for
coordinating and prioritizing such assistance and support.

36.4. Members may provide the information referred to in paragraphs 36.2. and 36.3. through
internet references and shall update the information as necessary. The Secretariat shall make all
such information publicly available.

36.5. The Committee shall invite relevant international and regional organizations (such as the
United Nations Conference on Trade and Development (UNCTAD), the World Bank, the
Organisation for Economic Co-operation and Development (OECD), the International Trade Centre
(ITC), the United Nations Regional Commissions and regional development banks) and other
agencies of cooperation to provide information referred to in paragraphs 36.1. , 36.2. , and
36.4. .

36.6. The WTO may collaborate with other international organizations such as those referred to in
paragraph 36.5. to comprehensively study and evaluate the needs for investment facilitation of
developing Members, especially the least-developed country Members, and at the request of these
Members, provide assistance and support for capacity building programs that are commensurate
with their development levels and economic objectives. Such collaboration should aim to enhance
coordination in order to maximize the benefits of this Agreement.

1 The information provided will reflect the demand driven nature of the provision of assistance and
support for capacity building.
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SECTION VI: SUSTAINABLE INVESTMENT

37 RESPONSIBLE BUSINESS CONDUCT

37.1. With a view of promoting sustainable development, each Member shall encourage investors
and enterprises operating within its territory or subject to its jurisdiction to voluntarily incorporate
into their business practices and internal policies internationally recognized principles, standards
and guidelines of responsible business conduct 1 that have been endorsed or are supported by that
Member.

37.2. [To the extent it is consistent with its legal system] [In accordance with its legal system],
each Member should encourage investors or enterprises operating within its territory to undertake
and maintain meaningful engagement and dialogue, in accordance with international responsible
business conduct principles, standards and guidelines that have been endorsed or are supported
by that Member, with Indigenous peoples, traditional communities and local communities.

37.3. Each Member recognises the importance of investors and enterprises implementing due
diligence for responsible business conduct in order to identify and address adverse impacts in their
operations, their supply chains and other business relationships.

37.4. Members agree to exchange any information and best practices available on issues covered
by paragraphs 37.1. and 37.2. , including on possible ways to facilitate the uptake by
enterprises and investors of responsible business practices and reporting, in the Committee on
Investment Facilitation.

38 MEASURES AGAINST CORRUPTION

38.1. In accordance with its legal system and internationally agreed standards and commitments
that it has adhered to or that it supports 1, each Member shall ensure that measures are taken to
prevent and fight corruption [and money laundering] with respect to matters falling within the
scope of this Agreement.

38.2. Each Member recognises the importance of principles such as accountability, transparency
and integrity with regard to the development of its anti-corruption policies, and of taking measures
affecting investment in a transparent manner and avoiding conflicts of interest and corrupt
practices.

38.3. Members agree to exchange information and best practices on issues covered by
paragraphs 38.1. and 38.2. , including with a view to identifying measures or areas of
cooperation to prevent and fight corruption in matters affecting investment, in the Committee on
Investment Facilitation.

38.4.

1 Principles, standards and guidelines of responsible business conduct are those referred to in
international instruments such as the United Nations Guiding Principles on Business and Human Rights, the ILO
Tripartite Declaration of Principles Concerning Multinational Enterprises and Social Policy and the OECD
Guidelines for Multinational Enterprises and related due diligence guidance.
1 Internationally agreed standards and commitments may include the United Nations Convention
against Corruption done at New York on 31 October 2003, the Convention on Combating Bribery of Foreign
Public Officials in International Business Transactions, with its Annex, done at Paris on 21 November 1997, or
the Inter-American Convention Against Corruption, done at Caracas on 29 March 1996.
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SECTION VII: INSTITUTIONAL ARRANGEMENTS AND FINAL PROVISIONS

39 WTO COMMITTEE ON INVESTMENT FACILITATION

39.1. A Committee on Investment Facilitation is hereby established.

39.2. The Committee shall be open for participation by all Members and shall elect its own
Chairperson. The Committee shall meet as needed and envisaged by the relevant provisions of this
Agreement, but no less than once a year, for the purpose of affording Members the opportunity to
consult on any matters related to the implementation and operation of this Agreement or the
furtherance of its objectives. The Committee shall carry out such responsibilities as assigned to it
under this Agreement or by the Members. The Committee shall establish its own rules of
procedure.

39.3. The Committee may establish such subsidiary bodies as may be required. All such bodies
shall report to the Committee.

39.4. The Committee shall develop procedures for the sharing by Members of information and
experiences on investment facilitation, as well as the identification of best practices, as
appropriate.

39.5. The Committee shall prepare an annual report on investment facilitation measures
undertaken to implement the Agreement [based on information notified by Members or otherwise
authorized by them].

39.6. The Committee shall maintain close contact with other international organizations in the
field of investment facilitation [such as UNCTAD, UNIDO, World Bank, the OECD and ITC] 1, with
the objective of securing the best available advice for the implementation and administration of
this Agreement and in order to ensure that unnecessary duplication of effort is avoided. To this
end, the Committee may invite representatives of such organizations or their subsidiary bodies to:

(a) attend meetings of the Committee;

(b) discuss specific matters related to the implementation of this Agreement [; and

(c) propose cooperation and facilitation agendas].

39.7. The Committee shall review the operation and implementation of this Agreement [four]
[five] years from its entry into force, and periodically thereafter. [Recommendations arising from
the review shall be presented to the General Council.] [The Committee shall report to the General
Council periodically.]

39.8. Members are encouraged to raise before the Committee questions relating to issues on the
implementation and application of this Agreement.

39.9. The Committee shall encourage and facilitate ad hoc discussions among Members on
specific issues under this Agreement with a view to reaching a mutually satisfactory solution
promptly.

39.10. [The Committee shall explore and discuss the possibility of establishing an Investment
Facilitation Facility to manage the contributions that Members may voluntarily provide to the WTO,
[with the aim of assisting] [in furtherance of supplementary assistance to] developing Members,
and especially the least-developed country Members, to implement the provisions of this
Agreement.]

39.11. Members that adopt or maintain measures of general application to facilitate outward
foreign direct investment, are encouraged to share experiences and information in the Committee.

1 [This provision includes maintaining close contact with relevant international organizations in the field
of responsible business conduct.]
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40 DISCLOSURE OF CONFIDENTIAL INFORMATION

40.1. Nothing in this Agreement shall require any Member to provide confidential information, the
disclosure of which would impede law enforcement, or otherwise be contrary to the public interest,
or which would prejudice legitimate commercial interests of particular enterprises, public or
private.

41 GENERAL AND SECURITY EXCEPTIONS

41.1. GATS Article XIV, GATS Article XIV bis, paragraph 1 (a), (b) and (c), 1994 GATT Article XX
and 1994 GATT Article XXI1 shall apply mutatis mutandis to the provisions of this Agreement.

42 FINANCIAL EXCEPTIONS

42.1. Nothing in this Agreement shall be construed to prevent any Member from adopting or
maintaining measures for prudential reasons, including for:

(a) the protection of investors, depositors, policy holders or persons to whom a fiduciary
duty is owed by a financial service supplier; or to

(b) ensure the integrity and stability of the financial system.

[Where such measures do not conform with the provisions of this Agreement, they shall not be
used as a means of avoiding the Member's commitments or obligations under the Agreement.]

43 [MONETARY AND EXCHANGE [RATE] POLICIES

43.1. For greater certainty, nothing in this Agreement shall be construed to prevent any Member
from adopting or maintaining non-discriminatory measures of general application taken in pursuit
of monetary policy, exchange [rate] policy or related measures.]

44 DISPUTE SETTLEMENT

44.1. For any dispute concerning the interpretation and application of the provisions of this
Agreement, Members shall only have recourse to the Understanding on Rules and Procedures
Governing the Settlement of Disputes of the WTO (hereinafter referred to as "the Dispute
Settlement Understanding").

44.2. The provisions of Articles XXII and XXIII of the GATT 1994 as elaborated and applied by the
Dispute Settlement Understanding shall apply to consultations and the settlement of disputes
under this Agreement.

44.3. Members are encouraged to consider resorting to good offices, conciliation and mediation
provided in Article 5 and arbitration provided in Article 25 of the Dispute Settlement Understanding
to facilitate the solution of their disputes.

44.4. Members shall not have recourse to dispute settlement under this Article for matters arising
under Article 37 on "Responsible business conduct" and Article 38 on "Measures against
corruption".

45 FINAL PROVISIONS

45.1. Members shall implement this Agreement from the date of its entry into force. Developing
country Members and least-developed country Members that choose to use the provisions of
Section V shall implement this Agreement in accordance with that Section.

45.2. Nothing in this Agreement shall be construed as diminishing the rights and obligations of
Members under the Marrakesh Agreement Establishing the World Trade Organization.

1 Waivers applicable to the GATT 1994 or any part thereof, granted according to Article IX:3 and
Article IX:4 of the Marrakesh Agreement Establishing the World Trade Organization and any amendments
thereto as of the date of entry into force of this Agreement, shall apply to the provisions of this Agreement.
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