U.S., Lebanon strengthen trade relations

U.S., Lebanon strengthen trade relations The Bush administration signed an agreement with the Lebanese government Thursday to improve trade and investment relations between the two countries.
   The U.S.-Lebanon Trade and Investment Framework Agreement (TIFA) creates a joint council that will consider a range of commercial issues and sets out basic principles underlying the nations' trade and investment relationship. The council will work to resolve any trade disputes between the two countries. A TIFA is often the first step toward negotiating a free trade agreement.
   U.S. goods exports to Lebanon in 2005 were valued at $466 million, and included machinery, vehicles and electrical machinery. U.S. exports of agricultural products to Lebanon were valued at $63 million, including course grains and tree nuts.
   U.S. goods imports from Lebanon in 2005 were valued at $92 million, including precious stones, furniture and bedding, and inorganic chemicals. U.S. imports of agricultural products from Lebanon were valued at $17 million.
   The United States has TIFAs with other countries in the Middle East and North Africa, including Algeria, Egypt, Kuwait, Qatar, Saudi Arabia, Tunisia, United Arab Emirates, and Yemen.