LIBYA'S FOREIGN TRADE WITH EUROPEAN UNION COUNTRIES

Abstract

The subject of this empirical and theoretical work is the exchange of foreign trade of Libya with the countries of the European Union. The scientific objective of the research is to make a scientific classification of the volume of foreign trade between Libya and the European Union countries and to discover the factors that hinder foreign trade and explain them scientifically. European countries also support this cooperation and contribute significantly to the formulation of future cooperation policies with Libya in various social, political, and economic fields. However, this cooperation takes place in light of objective difficulties arising from the conflicting interests of Western countries in North Africa and Libya. Since these relations are burdened with many problems of different nature, we started this paper with two assumptions: The first premise is that in the trade relations between Libya and the European Union, there are common interests for foreign trade that are more feasible. The second premise is that more encouragement and protection for investments by the countries of the European Union helps in new qualitative development and economic growth in Libya, which will significantly improve trade relations between Libya and the countries of the European Union.