Libya marked its presence at the 13th Ministerial Conference of the World Trade Organization (WTO) held in the United Arab Emirates on Tuesday. The delegation was led by the Minister of Trade & Economy of the Government of National Unity (GNU), Mohamed Al-Hwaij, with representatives from over 164 countries worldwide.
According to the Government of National Unity’s media office, Libya’s involvement as an observer member underscores its commitment to multilateral cooperation mechanisms. The country is currently taking significant steps towards economic and trade reforms. This participation aligns with the Ministry of Economy and Trade’s strategy to diversify the Libyan economy and trade, aiming to increase the contribution of non-oil sectors to the Gross Domestic Product (GDP) and leverage international expertise, read the Ministry’s statement.
Accompanying Minister Al-Hwaij were key figures, including the Ministry’s Deputy for Corporate and Commercial Affairs, Sohail Abu Shihab, the Director of Foreign Trade and International Cooperation, and the Head of the International Cooperation Department.
Libya’s participation in this high-profile international forum reflects its ongoing efforts to better integrate into the global economy, seeking to benefit from international experiences and collaborations. This move is part of broader economic reform programs intended to enhance the country’s economic and trade landscape, fostering a more diversified and resilient economy.
Notably, Al-Hwaij emphasized the importance of carefully assessing Libya’s national interests before committing to membership in the World Trade Organization (WTO).
Al-Hwaij advocated for a restructuring of the WTO to align with current requirements, highlighting Libya’s strategic move towards a free-market economy.
Under Al-Hwaij’s economic direction, Libya has signed several agreements with key Mediterranean countries, including Turkey, Italy, and Tunisia, effectively transforming the nation into a duty-free zone by eliminating tariffs on most imported goods.
This significant shift towards liberalizing the economy marks Libya’s intent to foster an open economic environment conducive to international trade and investment.
The WTO’s primary objective is to facilitate international monetary and trade movements in collaboration with the International Monetary Fund (IMF) and the World Bank.
However, opinions on the organization’s effectiveness and intentions vary widely. Some view the WTO as a catalyst for global trade prosperity and a means to elevate developing nations, while others perceive it as a tool imposed by advanced industrial nations and multinational corporations to maintain the dependency of developing countries on industrialized economies.
