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Countries and regions
Libya
Libya is the only Mediterranean country - with the exception of Syria – that has not yet concluded a Free Trade Agreement with the EU.
Libya is also not a WTO member. Negotiations for Libya's accession to the WTO started in 2004. The negotiation for the Framework Agreement on trade between the EU and Libya, started in 2008, would have paved the way for Libyan WTO accession. However negotiations were suspended in February 2011.
Relations between the European Community and Libya have so far taken place outside a bilateral legal framework governing bilateral relations.
Trade picture
- EU imports from Libya are dominated by energy, in particular petroleum and petroleum products.
- EU exports to Libya consist mainly of machinery and transport equipment, fuels and mining products, and agricultural products.
- In 2010, before the Arab Spring and the popular uprising in Libya, the EU was an important trading partner for Libya accounting for 70% of the country's total trade, which amounted to approximately €36.3 billion in 2010. However, between 2012 and 2014 EU imports from Libya decreased by 38%.
- Despite the decrease Libya continues to be a fundamental energy exporter to the EU.
EU-Libya "trade in goods" statistics
| Year | EU imports | EU exports | Balance |
|---|---|---|---|
| 2012 | 32.8 | 6.4 | -26.5 |
| 2013 | 23.2 | 7.8 | -15.4 |
| 2014 | 12.5 | 5.3 | -7.2 |
Foreign direct investment
| Year | Inward stocks | Outward stocks | Balance |
|---|---|---|---|
| 2013 | -0.0 | 6.5 | 6.5 |
Financial support
- Though being eligible geographically Libya does not at present take part in the European Neighbourhood Policy. However, it is eligible for development funding under other instruments.
Libya in Euromed
Libya has an observer status in the Euromed partnership.
The Euro-Mediterranean Partnership (Euromed) promotes economic integration and democratic reform across 16 neighbors to the EU’s south in North Africa and the Middle East. One important part of this work is to achieve mutually satisfactory trading terms for the Euromed region partners.
More information on the Euro-Mediterranean partnership
Trading with Libya
- Rules and requirements for trading with Libya
- Importing into the EU from Libya
- EU trade defence measures on imports from Libya
- Exporting from the EU to Libya
- Importing into the EU from Libya
- Trade relations are part of the EU's overall political and economic relations with Libya
- Libya submitted an application to join the WTO in July 2004
- Sustainable impact assessment of the EU-Libya Free Trade Agreement (FTA)
- Sustainable impact assessment of the Euro-Mediterranean Free Trade Area (EMFTA)