Luxembourg, 17/06/2002 (Agence Europe) - On Monday, the President of the Council, Josep Piqué, Commissioner Chris Patten and the Lebanese foreign minister Mahmoud Hammoud signed the Euro-Mediterranean EU-Lebanon Association Agreement, negotiations for which were launched in 1995. They also signed an interim trade agreement to allow early implementation of its trade aspects. Another agreement, in the form of an exchange of letters, covers co-operation in the war on terror.
Pique said that the signing of the agreements demonstrated Lebanon's commitment to carrying out its ambitious programme of social and economic reform. The Association Agreement, he said, should act as a catalyst in this process and send a positive message to investors about potential FDI in Lebanon. Hammoud said that Lebanon had already introduced VAT, had updated its tax and financial systems and was determined to privatise in the next few months and also to reform its administration with the aid of the EU. He pointed out that Lebanon was in the process of preparing to join the WTO.