Libya’s Tripoli based Ministry of Economy and Trade participated in the final dialogue session on applied mechanisms for access to European and African markets on the sidelines of the Libyan-Maltese Trade and Export Forum held in Malta from 24 to 26 April.
On the Libyan side, the event was headed by the Minister’s Advisor, Shather Essaid, and the Head of the Import and Export Department, Fathi Tabika.
Increasing exports
The session focused on the importance of international trade, one of the goals of diversifying the national economy to increase the volume of Libya’s exports and increasing Libya’s exports of local products to enhance foreign exchange revenues. this, it was pointed out, is consistent with Maltese policy, which is economically dependent on international trade by up to 318%.
Geographical proximity provides greater trade opportunities
Shather pointed out the importance of Malta’s location to Libya, lying between Europe and North Africa and the geographical proximity that provides greater opportunities for intra-trade, especially the speed of shipping and lower costs. She also highlighted the importance of the role of the Libyan Specifications and Standards centre in raising the quality of local products so that they are compatible with European markets and overcoming the difficulties related to banking services, especially since Libyan exports exceeded 27 million dollars and Libyan imports from Malta reached 23 million dollars during 2023. This is below the level of what it was in previous years, due to the cessation of the marine fishing sector.
At the session, the necessity of holding the Libyan-Malta Higher Ministerial Committee at its 28th session in Libya, which was last held in 2013, was pointed out.
Activating and renewing the memorandums of understanding
The importance of activating and renewing the memorandums of understanding between the two countries, the most important of which is the economic agreement signed in 1968 regarding treating the two countries as the most favoured nation and exempting all customs duties, especially customs duties that currently reach 36% on olive oil, was also emphasised.
It will be recalled that more than 50 Libyan businessmen and 100 Maltese companies specialized in the field of food industries, building materials, health, insurance, banking and shipping participated in the forum.
Libya’s participation and delegation was headed by the Minister of Economy and Trade, Mohamed Hwej, and Minister of Marine Wealth, Adel Sultan.
Minister of Economy and Trade, Hwej, accompanied by the Maltese Minister of Foreign Affairs, European Affairs and Trade, Ian Borg, had opened the activities of the event.