‘Hawij reviews benefits of joining WTO and streamlining trade processes’

The Minister of Economy and Trade, Mohamed Al-Hawij, recently met with Deputy Director-General of the World Trade Organization (WTO), Tshung-Cheng Shin, at the WTO Ministerial Conference in Abu Dhabi, UAE. The focus of their discussion was Libya’s potential accession to the WTO and the benefits it could bring, especially in terms of trade facilitation.

Al-Hawij emphasized the Ministry’s commitment to aligning trade policies with evolving international trade systems. He also highlighted ongoing economic and trade reforms in Libya, including updates to the Investment Law, Free Zones Law, Transit Trade Law, and Economic Diversification Strategy.

Moreover, the Minister underscored the significance of leveraging Libya’s resources and strategic location on the Mediterranean Sea to establish itself as a crucial international trade gateway between African and European markets. In response, Shin expressed the WTO’s dedication to supporting Libya in trade facilitation, goods, and services, as well as providing guidance on WTO agreements. The WTO, as the world’s largest international economic organization with 164 member states, plays a vital role in global trade, representing over 98% of world commercial GDP.

Overall, the meeting between Minister Al-Hawij and Deputy Director-General Shin highlighted Libya’s aspirations for WTO accession and the collaborative efforts to enhance trade policies and opportunities for economic growth in the region.