Lebanon’s future membership in the World Trade Organization (WTO) will prompt the introduction of new laws to improve standards and lower production costs for the Lebanese industrial sector, Economy and Trade Minister Basil Fuleihan said Friday.
Opening a two-day conference on Lebanon’s WTO accession plans, Fuleihan outlined the challenges and benefits to Lebanon of WTO membership, reported the Daily Star newspaper on Saturday.
“The main challenges are legal: how to adapt our laws, institutions and human resources,” said Fuleihan.
He said about 17 new laws had to be implemented or changed before Lebanon could become a member of the WTO.
This includes the Customs Law, the Intellectual Property Rights Law, and the Investment Law, while the government also wants to draft laws on anti-dumping practices and health standards.
“The second challenge is forcing public and private institutions to implement these new laws and regulations, and the training of human resources,” said Fuleihan.
Once the laws are in place, Fuleihan said, membership advantages will include modernized trade and economic regulations.
“The main reason for WTO membership is the chance to set into motion economic reforms including tax, and administration and financial changes,” he said. “We can also encourage goods and services producers to upgrade standards and the industrial sector to compete internationally.”
Fuleihan said in the longer term, membership would encourage foreign investment, “particularly as foreign investors look for stability and laws that will protect their rights.” – Albawaba.com
