On Sunday, 25th of February, over 120 World Trade Organization (WTO) member states finalized an agreement that aims to facilitate investment in developing countries by improving transparency and clearing bureaucratic hurdles.
The agreement on the Investment Facilitation for Development (IFD) was then signed by 75 percent of the WTO member.
The IFD agreement would require full consensus before it could be formally incorporated, as per the body's rules, according to WTO.
Much as WTO enjoys broad backing, some members including India still oppose its integration into the WTO objecting agreements that do not cover all countries.
The very goal of the deal is to facilitate "the flow of foreign direct investment... particularly to developing and least-developed" countries with the aim of fostering sustainable development, WTO said.
The deal has got agreement from participating countries "to improve the transparency of measures, streamline administrative procedures, adopt other investment facilitation measures and promote international cooperation."
WTO chief Ngozi Okonjo-Iweala called it a "pioneering agreement that promises to help its signatories attract the foreign direct investment they want to drive growth."