India has strongly opposed China’s bid to push for what it terms a “plurilateral initiative” and a “non-trade issue” at the World Trade Organisation (WTO).
Over 120 countries led by China are pushing for the Investment Facilitation for Development (IFD) Agreement to become part of the multilateral trade body at the ongoing WTO ministerial conference in Abu Dhabi.
Official sources told CNN-News18 that the IFD is an agreement among the Belt and Road Initiative (BRI) countries and is led by vested interests.
The Investment Facilitation for Development initiative aims to develop a global agreement on IFD to improve the investment and business climate and make it easier for investors in all sectors of the economy to invest, conduct their day-to-day business, and expand their operations.
The China-led bloc has been insisting on a mention of IFD under Annexure 4, which deals with Plurilateral Agreements, since 2017.
Sources confirmed to CNN-News18 that the grouping is largely composed of nations part of China’s BRI but more importantly it is a non-trade issue, which is outside the purview of the WTO.
An inclusion in Annexure 4 would have helped China push through its investment agenda in these nations without having to face objections from non-signatory nations. As of now, 123 of the 166 nations at the WTO have signed the IFD and China is confident of onboarding 7 more, said sources.
After strong objections by Bharat through union commerce minister Piyush Goyal and backed by other nations like South Africa, the IFD is unlikely to find mention in the outcome document at the 13th WTO ministerial conference being held from February 26 to 29.
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