Fourteen countries from across continents on Tuesday (16 Sep) announced an initiative committed to open, fair trade and enhancing investment flows.
The Future of Investment and Trade (FIT) Partnership was launched at a virtual ministerial meeting, with representatives issuing a joint declaration in support of a rules-based multilateral trading system, and reaffirming the vital role that foreign direct investment (FDI) plays in developing infrastructure, fostering international trade, and enabling sustainable economic growth.
The founding members are Brunei, Chile, Costa Rica, Iceland, Liechtenstein, Morocco, New Zealand, Norway, Panama, Rwanda, Singapore, Switzerland, the United Arab Emirates, and Uruguay.
The director-general of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, was also present at the launch. Singapore was represented by Deputy Prime Minister Gan Kim Yong.
The members pledged to work together to develop “solutions-oriented initiatives” to strengthen the rules-based trading system, a joint statement said.
“The FIT Partnership will strive to amplify the collective influence of its members on the global stage,” it added.