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Home > Current events > Investment > Investment in Libya > Framework Agreement on Trade and Investment between Libya and the USA

Framework Agreement on Trade and Investment between Libya and the USA


Libya and the United States and Libya on Thursday signed a framework agreement to tackle trade and investment issues and strengthen bilateral cooperation.

The trade and investment framework agreement (TIFA) was signed in Tripoli by The Libyan Deputy Secretary of Industry, Economy and Trade Mr. Taher Sarkes, Christopher Wilson (L), Assistant U.S. Trade Representative for Europe and the Middle East.

A joint press statement was issued after signing of agreement said that "the Great Jamahiriya and the US signed today a framework agreement for trade and investment which came after two years of intensive and serious negotiations between the two parties." It also said the agreement represented another step toward improving their bilateral relations.

The framework agreement, said the joint press statement, aims at providing a means that allows each of the two parties to study and discuss any issue of common interest including trade relations and the study of any difficulties that may face their bilateral trade relations and providing solution as well.

"We hope that that what have been accomplished today will encourage companies from the countries to exchange visits which pave the way for deeper economic relations," the statement added.

“The TIFA will provide a forum to address trade issues and will help build trade and investment relations between the United States and Libya," it said.

The pact mandates the formation of a joint US-Libya Council on Trade and Investment to address "a wide range of trade and investment issues including market access, intellectual property, labor, and environmental issues."

The council will also help to increase commercial and investment opportunities "by identifying and working to remove impediments to trade and investment flows between the United States and Libya," the statement said.