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Home Business

China cancels customs duties on Libyan imports starting from this May – banking and financial cooperation will be enhanced

bySami Zaptia
March 25, 2026
Reading Time: 3 mins read
A A
Major effort by the Ministry of Economy to bring back Chinese companies

(Photo: Crossed flag pins).

‎The Tripoli based Libyan government announced today that a meeting was held in Beijing between the Acting Minister of Economy and Trade Suhail Abu Shiha and Vice Chairman of the Chinese Council for the Promotion of International Trade Liu Jiannan, in the presence of the delegations of the two countries, as part of the meetings of the Supreme Committee for the Supervision of Libyan-Chinese Cooperation chaired by the Tripoli Prime Minister’s Advisor, Abdul Majeed Maligta.‎

‎China cancels import duties on Libyan imports
During the meeting, it was agreed on the initiative to cancel customs duties on Libyan imports into China starting from May 2026, to enhance the competitiveness of Libyan products in the Chinese market. It was also agreed that banking and financial cooperation will be enhanced to facilitate financial transfers between the two countries.‎

‎The two sides also stressed encouraging Chinese companies to participate in the Tripoli International Fair this April (16 to 21) and contribute to reconstruction projects, in a move aimed at expanding economic partnerships and supporting development efforts in Libya.‎

Earlier, the Tripoli based Libyan government announced yesterday that a meeting was held in Beijing, China, between the Chairman of the High Committee for Supervising Libyan-Chinese Cooperation and Special Envoy of the Prime Minister for Asian Affairs, Abdulmajid Meligta, accompanied by the Acting Minister of Economy and Trade, Suhail Abushiha, and the Chinese Vice Foreign Minister, Miao Deyu, in the presence of delegations from both countries.

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The meeting aimed to advance the strategic partnership and strengthen bilateral cooperation between Libya and China.

During the meeting, a written message was delivered from the Prime Minister of the Government of National Unity, Abdel Hamid Aldabaiba, to his counterpart, the Chinese Premier, Li Qiang. The message addressed consolidating bilateral relations and expanding partnerships, as well as coordinating positions on regional and international issues.

The Chinese side emphasized the depth of the historical relations between the two countries, noting that the declaration of the strategic partnership in September 2024 gave new impetus to cooperation, while affirming its readiness to enhance mutual support and develop joint work on a stable foundation.

The discussions focused on deepening cooperation in vital sectors related to Libya’s economic development, particularly infrastructure and energy. Emphasis was placed on the importance of Chinese companies returning to participate in reconstruction projects, addressing the status of existing companies, and fostering effective public-private partnerships to support the implementation of genuine development projects.

The two sides also discussed strengthening Libya’s role as a regional hub for transportation and energy, leveraging its strategic location. They further discussed facilitating visa procedures for citizens of both countries and activating the Joint Committee, holding its meetings as soon as possible to enhance the institutional nature of bilateral relations.

The Libyan side expressed its appreciation for China’s development experience and its interest in its future plans, affirming its aspiration to strengthen high-level communication and expand cooperation to broaden the strategic partnership.

At the conclusion of the meeting, both sides had agreed to refer the agreed-upon recommendations to their respective political leaderships for expedited implementation and to continue coordination and consultation in the coming phase to ensure that the understandings are translated into tangible, practical projects on the ground.

Tags: bank banks bankingChina chinesecustoms duties tariffsfinance financial financing

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