The African Continental Free Trade Area (AfCFTA) secretariat held a meeting on rules and procedures for the prevention, management, and settlement of disputes on investment.
The four-day meeting in Windhoek, which ended on Friday and was held in collaboration with the Ministry of Industrialisation and Trade, reviewed draft 1.0 of the annex on the rules for dispute settlement.
According to a statement issued by ministry spokesperson Elijah Mukubonda, the meeting was preceded by a joint meeting of the Committee on Investment and the Dispute Settlement Body (DSB), to apprise members of the DSB on the AfCFTA Protocol on Dispute Settlement.
“The objective of the approaches set out in the draft annex is to provide a sound legal framework for the prevention, management and settlement of disputes, and the effective implementation and achievement of the overarching objectives of the protocol on investment,” read the statement.
The draft provides three avenues for dispute prevention and resolution — dispute prevention and grievance management; alternative dispute resolution; and dispute settlement.
According to the statement, the AfCFTA protocol seeks to create a harmonised, predictable, and a secure investment environment to spur investment across the continent.
Its core objectives include promoting intra-Africa investment by encouraging investments supporting AfCFTA member states’ sustainable development.
The protocol seeks to establish a transparent and balanced legal framework for investment that considers the interests of member states, investors, and local communities.
It also seeks to provide a legal structure for preventing, managing, and resolving investment disputes, thereby enhancing investor confidence in Africa’s markets.
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