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Libya

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

Trade in goods 2012-2014, € billions
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

Foreign direct investment 2013, € billions
Year Inward stocks Outward stocks Balance
2013 -0.0 6.5 6.5

More statistics on Libya

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