Libya’s Presidency Council and the American Chamber of Commerce in Libya (AmCham) signed a memorandum of understanding to support economic cooperation.
The MoU was signed last week in New York during the Presidency Council Mohamed Al-Menfi’s participation in the UN meeting.
Commenting on the MoU, the Tripoli based Ministry of Economy and Trade said this cooperation aims to explore ways to support sustainable economic development in Libya, in accordance with the legal frameworks of both Libya and the United States, in addition to enhancing the participation of American companies in the Libyan market.
It noted that the Ministry of Economy and Trade had concluded a framework agreement for trade and investment (TIFA) between the Libyan government and the government of the United States of America in December 2013, approved by the Libyan Presidential Council by its resolution No. 150 of 2019.
Under this TIFA, the Libyan American Council for Trade and Investment was established, where the Libyan side is headed by the Ministry of Economy and Trade while the American side is headed by the United States Trade Representative Office.
This Council is responsible for following up and developing trade and investment relations between the two sides, and providing information and data related to the local markets in the two countries, making them available to investors and companies within the framework of expanding activity and trade exchange in both countries.
