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The legal text of the world's first multilateral investment agreement has been finalized, China Daily reports, citing the country's Ministry of Commerce.

The Agreement on the promotion of Investments for Development will further strengthen the confidence of global investors, will contribute to the stable growth of global investments. It is also designed to simplify the investment procedure, increase the transparency of investment policy, as well as promote the increase of cross-border investments.

Negotiations on the preparation of the above-mentioned agreement have been conducted by members of the World Trade Organization (WTO) since September 2020. When the agreement comes into force, it will become binding for the participating countries within the framework of WTO membership.

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Photo: chinadaily.com.cn