Libya, Turkey deepen economic ties with new trade committee, $5B target
Turkish Trade Minister Omer Bolat said on a visit to Tripoli that the two countries want to increase their annual trade volume from $3.7 billion to over $4 billion this year and to $5 billion in 2026.
Turkey and Libya have agreed to establish a joint committee to deepen bilateral economic and trade relations with a shared goal of raising trade volume to $5 billion by 2026, according to news reports on Thursday.
Turkish Trade Minister Omer Bolat announced the pact during an official visit to Tripoli this week, where he met with Libyan Prime Minister Abdul Hamid Mohammed Dbeibah, Economy and Trade Minister Mohamed Hweij and Central Bank Governor Naji Issa, Turkey's state broadcaster TRT reported. A delegation of Turkish businessmen also accompanied the minister.
Trade between the two countries stood at $3.7 billion in 2024 and Bolat said he wanted that figure to surpass $4 billion this year.
“We have jointly set a target to increase the annual trade volume between Turkey and Libya from $3.7 billion to over $4 billion this year and to $5 billion next year,” Bolat said, TRT reported, adding that the committee would reconvene later this year.
