Egypt and Libya to boost trade

CAIRO: Egypt and Libya signed 18 agreements and protocols in a bid to strengthen bilateral ties in the fields of trade, tourism and education, the state-run Mena news agency reported Thursday. The agreements were signed after a session of the joint Egyptian-Libyan high committee by Egyptian Prime Minister Ahmed Nazif and his Libyan counterpart Baghdadi Mahmudi, the agency said. One agreement provides for the creation of a free trade zone between the two neighbors. The whole package is aimed mainly at lifting customs barriers and boosting multi-sector cooperation. The coming period will witness increased cooperation between Egypt and Libya in various fields, Nazif was quoted as saying by Mena, adding that the private sector would play an important part in the process. Baghdadi said Libya would pour around $175 million into the Egyptian market in 2007, in exchange for which Egyptian companies would be given priority in Libyan development projects.