After all, it is the companies that know best where the trade barriers are. Participants discussed the revised draft contributions presented by the coordinator on different topics where the degree of convergence is higher. They also discussed new proposals submitted by participating members. On the basis of a joint communication from China and Turkey, delegations held a constructive discussion on facilitating the entry and temporary stay of entrepreneurs for investment purposes. They also discussed a comprehensive proposal by Morocco introducing new proposals for provisions on compliance with national legislation and international obligations; maintaining health, labour, environmental and safety standards; and social and environmental responsibility. Finally, they discussed a communication from Chinese Taipei on proposed texts on different provisions. This guide provides jargon-free explanations of the provisions of the TFA, focusing on what companies need to know to benefit from the agreement and how they can participate in shaping reforms. Under the WTO, facilitating investment means creating a more transparent, efficient and investment-friendly business climate, by facilitating investment by domestic and foreign investors, operating their day-to-day activities and expanding their existing investments. In a second joint statement on investment facilitation for development, issued on 22 November 2019, 98 members voted in favour of the 2017 Joint Ministerial Declaration.
They pledged to intensify work to develop the foreign direct investment facilitation framework and work towards a concrete outcome to facilitate investment in development at the 12th WTO Ministerial Conference (MC12). These members also agreed to continue their outreach efforts to WTO members, in particular developing and least-developed countries, so that the future framework contributes to meeting their investment facilitation priorities and needs. In December 2019, participating members decided to move to formal negotiations from 2020. The focus on investment facilitation is accompanied by the realization that, in today`s integrated global economy, the expansion of investment flows, such as trade flows, depends on simplifying, accelerating and coordinating processes. Indeed, bottlenecks, inefficiencies and uncertainties that are aimed at being addressed through investment facilities are often due to unnecessary bureaucracy, bureaucratic duplication or outdated procedures that can become costly barriers to investment. The Coordinator invited participating delegations to intensify their work, in particular on certain critical issues, if they wished to make concrete progress, and invited interested delegations to meet in small groups in order to optimize the discussion on certain topics.