Libyan embargo keeps Syrian exports out
Syrian industrialists recently urged their government to find a solution to an embargo imposed by Libyan authorities on imports of Syrian origin. The ban was placed due to an outstanding $300-million debt owed to Libya’s central bank by the Syrian government since 1973.
The ban has not been lifted in spite of numerous bilateral trade accords signed by Libya and Syria. Only recently, the third session of the Syrian-Libyan joint higher committee concluded that the volume of bilateral trade exchanges should be increased and a free zone area between the two countries set up. The committee also called for the establishment of a joint investment committee in the two countries.
As a result of the embargo, Syrian merchandise exports to Libya declined sharply over recent years, according to Damascus Chamber of Commerce and Industry officials. Official statistics show that in the year 2000, only 280 million Syrian pounds ($5.24 million) worth of Syria-made products, in particular food and textile products, were exported to Libya, down from SP 680 million ($12.73 million) in 1995, reported Al-Sharq Al-Awsat . — (menareport.com)
© 2001 Mena Report (www.menareport.com)