MOET

For the past decade the Government`s Economic strategy focused on regaining Lebanon`s traditional comparative advantage as a leading business center in the region. To this end, a structural reform drive was launched, aimed to reinforce the competitive capacities of the productive sectors, create the necessary environment for sustainable economic growth and integrate Lebanon further into the global economy.

 

Trade Liberalization is a key element of this comprehensive economic strategy. Free Trade Agreements were signed with Lebanon`s major trading partners; namely the European Union (EU), the EFTA States  (Switzerland, Lichtenstein, Norway, Iceland) and the Gulf Cooperation Countries (GCC); and a full establishment of the Greater Arab Free Trade Area (GAFTA) was achieved in January 2005. Lebanon is also actively negotiating accession to the World Trade Organization (WTO) and is expected to become a member of the WTO in 2006.

 

Trade Liberalization also entails modernizing trade legislation, minimizing restrictions and simplifying procedures. Accordingly, a special law, related to the Kimberly Process, was passed in Lebanon for the control of import export and transit of rough diamonds. Other trade related legislation are also in the pipelines pending their enactment in Parliament.