The basis of the National Economy General Policy aims to treat many negative aspects and needs from which the Libyan Economy suffers as a result of the unjust measures of sanctions that were imposed on the Great Jamahiriya…. Also to restructure the economic sectors to allow expanding the base of ownership and allow direct participation of citizens in economic activities.

Therefore, the General Peoples Committee for Economy and Trade issued a number of legislations which will regulate the economic operation in the Great Jamahiriya, so as to encourage and strengthen the role of the national sector in individual and corporate forms, companies and family activities….

This started by unifying the exchange rate, which stopped the parallel market and smuggling of currency. It strengthened the role of banks in the economic activities.

Also a decision was issued by the General Peoples Committee for Economy and Trade canceling Import and Export Licenses in order to facilitate for individuals, corporate bodies and companies to practice economic activities.

This led to decrease and stabilizing prices in the market and strengthened competition, which is clearly seen now. This matter increased the size of the commercial operation and gave the citizens the chance to choose their required goods and with affordable prices to everyone.

This wise policy resulted in depriving some people from enjoying special privileges and maintained equality amongst people in getting the service (goods and services).

The aim behind this is to protect the consumer, who is the target, from any economic activity.

In accordance with the directives from Brother Leader of the Revolution concerning the building of a strong national economy capable of lifting the Libyan society and getting rid of controlling the foreign markets and liberating and protecting the need of the individual and the family….

And in a pioneer economic step, the Secretariat of the General peoples Congress and the General peoples Committee for Economy and Trade issued the following Economic laws and regulations:

1st. The Secretariat of the general Peoples Congress issued Law No. (21) for the year 1369 p.d./2001 concerning the practice of economical activities dated 28.12.1369 p.d./2001, specifying the tools for practicing economical activities exemplified in… individuals… public companies… to enable each to practice its activity in accordance with the legislations regulating it and without contradiction to this law.

2nd. The Secretariat of the general Peoples Congress issued Law No. (5) for the year 1426/1997… concerning the encouragement of foreign capital investment… This law aims to encourage foreign capital investment to set up investment projects within the frame of the general policy of the State and the aims of the economical and social development, in particular:

1. Transfer of modern technology.
2. Building the Libyan technical personnel.
3. Variation of income sources.
4. Participating in developing national products to help it enter the International Market.
5. Achieving location development.
3rd. The General Peoples Committee issued Decision No. (21) for the year 1370 p.d./2002 concerning the executive regulations of the Law No. (5) for the year 1426/1997 concerning the encouragement of investment of foreign capital… which allows investment of foreign capital owned by Libyan citizens and citizens of Arab and Foreign countries, in the field of Industry, Agriculture, Tourism, Health, Services and other fields that the General peoples Committee decides to add.

The national Capital owned by individuals or corporate may participate with the foreign capital in the investment.
The Peoples Committee decides for the institution for the Encouragement of Investment the percentage of partnership and conditions to be provided in each project separately.
4th. The General Peoples Committee issued a decision for Economy and Trade No. (178) for the year 1369 p.d./2001…. Issuing the executive regulations to the Law organizing the work of agencies… the Decision specified the definition of a Commercial Agent as….
The normal or corporate body licensed to do one or more work of that of the commercial agency in accordance with the regulations and conditions specified in this mandate.
The work of the commercial agent is generally characterized by introducing a specified product or service to be imported or distributed either directly or through contracted distributors, he will provide the after purchase services and bears the responsibility of commercial forging or defect carried out with his knowledge or through him.
The agent must be of a Libyan nationality and undertakes to:
1. Concluding an agency contract or agreement with a well reputed client whose products or services are characterized by quality, strength, compliance with health rules and National and International measures approved for the goods and services.
2. Providing Guarantee Certificate for long term goods and of which he is an agent and according to the nature of each commodity… in any case the guarantee period should not be less than 6 months starting the date of selling the commodity whether the selling was with the knowledge of the agent or through another distributor.
3. He should at any time and upon request of the concerned, exchange the defected or damaged commodity or repairs it or compensate for it within the period of guarantee issued for the said commodity. 4. Providing spare parts, and necessary tools for the commodities he is dealing in…. repair the commodities which need maintenance free of charge during the guarantee period.
5. Allocating not less than (20%) of the value of the long life commodities supplied to the Great Jamahiriya (through an agent) in the form of spare parts and necessary maintenance tools so as to make the utmost benefit of these long-life commodities.
6. Opening maintenance workshops to prolong the life span, renovate or remove any defects in these commodities… providing the technicians for maintenance of commodities supplied through him, free of charge, on condition that the guarantee certificate is still valid.
7. Complying with the prices specified by the law for the goods or services supplied by him.


DOCUMENTS REQUIRED FOR REGISTRATION IN THE COMMERCIAL AGENCIES REGISTER.

1. A commercial document from his registration place abroad and authenticated by the Libyan Peoples Bureau.
2. A certificate from the court where he is registered (No-bankruptcy) whether it is a company or factory and it has to be translated into Arabic and authenticated by the Peoples Bureau.
3. A certificate from the Office of Israel Boycott stating that the company is not on the black list.
4. The general Peoples Committee for Economy and Trade issued Decision No. (2) for the year 1370 p.d./2002 concerning organization of Import and Export… the Decision affirmed that Import of all commodities permitted to be imported should comply with the legislations in practice by the Importation Tools specified by the law according to the following conditions and regulations:

1. The Institution should be legally founded and its Founding purpose in the Founding Document is Practice of Import Activity and registered in the Importers Register at the Shabiyaa Economy and Trade Sector.
2. Lemmatizing the importation to the commodities of the importing party's activity.
3. Importation must be through Letter of Credit L/C.
Individuals and corporate companies are allowed to import goods and commodities against collect fees (against documents).
The Public Sector is also allowed to import its needs for operation and spare parts in the same method.

General Peoples Committee for Economy and Trade.