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This report by Konrad von Moltke for the Commonwealth Secretariat argues for the creation of a Cotonou Investment Agreement to amplify the investment provisions of the Cotonou Partnership Agreement (CPA). The author contends that existing bilateral investment treaties (BITs) are too narrow, focusing primarily on investor protection without empirical evidence of benefiting developing countries. The proposed agreement would balance investor rights with host state development goals, incorporate principles of good governance, and establish a Cotonou Investment Fund and an Observatory for ACP Investment to monitor progress toward sustainable development and poverty eradication in ACP countries.