Libya and Tunisia agree to bolster bilateral economic ties
Libya and Tunisia have agreed to consolidate their economic ties by developing a joint roadmap for future trade cooperation, according to the Libya Review on October 22nd.
The agreement established plans to focus on broadening trade, foreign direct investment, and the diversification of exports between the two countries, who already enjoy quite extensive bilateral trade relations.
Libya is Tunisia’s largest Arab and African trade partner and ranks fifth globally. Tunisian industrial goods compose 40% of total exports to Libya, while Tripoli’s main exports to its western neighbour are iron, energy, and steel.
Libya’s Minister of Economy and Trade, Mohamed Al-Hwajj, visited Tunis to meet with Tunisia’s Minister of Trade and Export Development, Samir Abid. The discussions followed up on previous talks held during the Libyan-Tunisian Joint Trade Committee, which convened on December 7th – 8th in Tripoli.
At the time, Abid emphasised that “it is time to develop the legal framework that regulates trade relations between Tunisia and Libya to include new areas”, according to The Arab Weekly plus agencies on December 12th, 2024.
He added that “this committee is the ideal platform to overcome difficulties and resolve problems that prevent the achievement of the desired economic integration and evaluate relations within a comprehensive and integrated vision.
Since then, steps have already been taken to address certain longstanding issues. In August, the Libyan Customs Authority introduced new transit controls on the Tunisian border to safeguard from spoiled or substandard goods. The new rules force companies to acquire prior authorisation from the International Cooperation Office, as well as provide a refundable financial guarantee equal to the value of the goods.
In reference to the recent meeting in Tunis, Libya’s Ministry of Economy released a statement explaining that the Libyan Export Development Board and the Tunisian Export Promotion Centre will formally draft a roadmap to support long-term bilateral economic integration.
Both officials also discussed the prospect of expanding trade relations with African markets via the African Continental Free Trade Area (AfCFTA) framework, which they see as a crucial mechanism that can be leveraged to enhance regional economic stability and sustainable development.
Libya Review , Maghrebi.org, the Arab Weekly plus agencies
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