TIFA is designed to monitor trade and investment relations, identify opportunities for expanding bilateral commercial engagement, and provide a forum for addressing challenges in the two countries' trade ties.
According to the Office of the U.S. Trade Representative, total two-way trade in 2009 between Libya and the United States was valued at $2.6 billion. Libya is the United States' 69th-largest goods trade partner. Top U.S. exports to Libya include vehicles, machinery, agricultural products, medical instruments, and iron and steel products. Oil was Libya's principal export to the United States in 2009.
The meeting was co-led by Mark Mowrey, acting assistant U.S. Trade Representative for Europe and the Middle East, and Taher -Sarkaz, under secretary of the Libyan General People's Committee on Industry, Economy and Trade.
'Having Libya commit to international trade rules is in the United States' interest,' Mowrey said in a statement. 'We believe continued bilateral dialogue under our TIFA will help Libya establish greater transparency and predictability in its trade and investment policies and promote the rule of law more broadly, key elements which businesses value very highly when deciding to enter a market.'
The United States and Libya signed a TIFA in May to strengthen and expand trade and investment ties between them. ' Chris Gillis
