[2019-03-07] Portugal awaits EU approval to implement investment agreement with Angola

Source: Macauhub

The entry into force of the Agreement on the Promotion and Reciprocal Protection of Investments (APPRI) between Portugal and Angola is subject to authorisation from the European Union (EU), Portuguese daily newspaper Público reported quoting a source from the Ministry of Foreign Affairs.

The source also told the newspaper that, “within a month there will be positive developments regarding this case,” and then the final steps for its practical application can begin.

The agreement was signed by the two countries in Luanda eleven years ago, but it did not come into force, and the subject was discussed again during a visit to Angola by the Portuguese prime minister, António Costa, in September 2018.

At that time, a “common statement of intentions” was made with a view to completing the process of enforcing the APPRI, which would entail an addendum to the agreement to adapt it “to the current framework of economic development of the two countries” and the “new paradigm approved by the Angolan government on this matter,” as well as to the “European Union standards applicable to Portugal.”

Given that the EU has a say in this matter, a spokesperson from the Portuguese Ministry of Foreign Affairs told the newspaper that, in the meantime, a “request from Portugal to move ahead in the negotiation of this addendum with the Angolan side,” has been filed with the European Commission, which is currently being analysed.

Designed to promote business development between the two countries, the APPRI sets out, among other things, issues such as compensation to investors for losses in armed conflict scenarios, or rules to be followed in case of expropriations.