Libya Free Trade Agreements

10 Avr Libya Free Trade Agreements

The Libyan government is able to pay for services and services through direct payment to the supplier. Import trade by private companies and partnerships is permitted for products that are not considered strategic and for those that are not included in the annual raw materials budget. The importer is subject to an authorisation managed by the secretariat for economics and foreign trade. Libya is a North African country on the southern coast of the Mediterranean, bordering Egypt, Sudan, Chad, Niger, Algeria and Tunisia. This site has enabled Libya to become an important historical trade link between Africa and Europe. The country has 6.293 million people (2016); with about 85% of the population living in urban neighbourhoods and about 65% of the population under the age of 25. Tripoli is the capital; other major cities such as Benghazi, Sirte, Misrata, Tobruk and Sabha (Figure 1). While Arabic is the official language of Libya, English is considered the second language, with French and Italian also spoken. Libya has a desert climate, usually dry, with the exception of the north, which enjoys a mild Mediterranean climate. Libya has 93 municipalities and three geographical regions: Cyrenaica, Tripolitaine and Fezzan. Libya follows Eastern European time (two hours before GMT).

Libya became an independent kingdom in 1951. In 1969, a military coup was orchestrated by Muammar Gaddafi, who overthrew King Idris. Gaddafi ruled the country for 42 years, until he was overthrown during the 2011 Arab Spring after an armed insurgency and a UN-mandated military intervention. Libya after the revolution has a large number of urgent needs in many sectors where Canadian companies have expertise. However, persistent political instability has limited the government`s ability to advance long-term projects. However, if the security situation improves, Canadian businesses will be well positioned to contribute to reconstruction and help bring bilateral trade back to its pre-revolutionary level. The majority of Canadian interests are focused on the oil and gas sector. Prior to 2014, approximately 40 Canadian companies were active in Libya, mainly in the oil and gas, health, telecommunications, aerospace and education sectors.

The export of raw materials from Australia can be carried out freely, as for example: Libya has experienced rapid expansion in the construction, oil and gas, telecommunications, health and agricultural economy sectors over the past decade, and leading Libyan analysts have led sustainable growth towards the future. In order to lift the country out of its economic isolation and further strengthen the Libyan economy, a number of laws have been passed to create free trade zones (FTZs). The 1999 Free Trade Act created a legal framework for the creation of free trade zones at sea in Libya. The 2006 law of the Libyan General Committee of the People (168) establishes the Libyan free zone body, which will oversee and operate all of Libya`s planned free trade zones. The 2006 Law (215) declares the creation of the Zwara-Abu-Kemmash Free Trade Area; and the 2006 Law (32) explains the creation of the Misrata Free Trade Area. After a long period of internal development, Libya began to open its doors outside by launching a series of agreements with different countries.