Switzerland and more than 120 countries want to make investments in developing countries easier. ECB makes a loss – no transfer to national central banks

The countries’ representatives, including the head of the State Secretariat for Economic Affairs Helene Budliger Artieda, approved the agreement on Sunday evening, the WTO announced. The agreement after six years of negotiations was no surprise, as a number of outstanding issues still needed to be clarified in recent months.

The agreement is intended to remove bureaucratic obstacles to investments in developing countries. It will boost the economy and create more jobs, WTO Director-General Ngozi Okonjo-Iweala said.

The agreement would be the first of its kind on the international stage. According to estimates, the increase in investment associated with the bureaucratic relief could yield social benefits of more than a trillion francs per year and up to almost 1.5 percent economic growth.

The majority of countries supporting the agreement are poorer states. They especially have to convince India, which is against plurilateral agreements. A quarter of WTO members did not participate in the talks. The 13th meeting of the World Trade Organization officially starts on Monday in Abu Dhabi.

Climate change and reforms

Prior to the discussion in the group of ministers on Monday afternoon, the Coalition for Climate published an initial list of measures that its members want to commit to. Switzerland is part of the coalition with more than sixty other countries. They especially want to promote the connection between trade, climate and sustainable development. They also want to support developing countries that are most vulnerable to climate change.

In addition to the Coalition for Climate, Budliger Artieda also met with the 13 members of the Ottawa Group prior to the week of negotiations. The group brings together actors with a similar approach to Switzerland. Everyone wants a breakthrough in organizational reform. (sda)