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Minister says Lebanon's debt highest in the world GENEVA -- Lebanese Minister of Economy and Trade Moahmmad Safadi told the World Trade Organization Working group on Lebanon's accession that his country counts on the WTO members to recognize that Lebanon has a huge debt problem of some USD 47 billion registered at the end of 2008, or about 180 percent of Gross Domestic Product (GDP), the highest in the world. Minister Safadi said that decrease of debt is essential for his country's political and social stability and the strengthening of its democracy. He stressed that the greatest support that delegations can show to the Lebanese population is accession to the WTO that would help promote investment and growth and improve the daily live's of citizens. In today's one-day session WTO members have reviewed the Working Party report (first draft) containing the reforms undertaken by Lebanon to its trade regime. Members also evaluated the progress made in the ongoing bilateral negotiations on market access for goods and services. They strongly urged Lebanon to continue its accession work. They have recognized the achievements made so far in the accession process and welcomed the latest legislative progress made despite the country's difficult political and economical situation. They also have supported Lebanon's early accession to the WTO. -Kuna |
