Abstract: The Investment Facilitation for Development (IFD) Agreement represents the latest attempt to introduce investment-related disciplines into the World Trade Organization (WTO) framework through a plurilateral initiative. While proponents frame the agreement as a development-oriented instrument focused on transparency, administrative efficiency, and regulatory cooperation, it has generated significant debate among developing countries. This paper situates the IFD within the broader evolution of global trade and investment governance and examines its implications for the multilateral trading system. It argues that although the agreement avoids contentious issues such as market access, investment protection, and investor-state dispute settlement, its procedural disciplines effectively internationalize domestic regulatory practices and create new forms of binding commitments. The paper further analyzes the legal and institutional concerns regarding mandate, consensus-based decision-making, and the incorporation of the Agreement under Annex 4 of the Marrakesh Agreement. It concludes by assessing India’s strategic choices as the WTO approaches the Fourteenth Ministerial Conference (MC14).