Removing all custom barriers between Lebanon and Kuwait by 2001

In a press statement today, Kuwaiti Minister of Trade and Industry Abdul Aziz al-Dakhil confirmed his country's intention to benefit from Lebanese development efforts.

After his meeting with Lebanese Minister of Finance Fuad Seniora, al-Dahkil emphasized the necessity of developing relations between Lebanon and Kuwait.

Seniora said there are current talks on activating exchange and investment, announcing progressive steps in the agreement for encouraging investment and avoiding double taxation.

The Kuwaiti minister also discussed the subject of removing customs barriers between the two countries as in agreements Lebanon made with Syria and Egypt.

Meanwhile the Kuwait minister of trade and industry signed with the Lebanese minister of economy an agreement for economic cooperation through exemptions from customs duties and others of the same effect according to the inserted lists including different industries.

Custom tarrifs between Lebanon and Kuwait would be gradually reduced beginning on January 1, 1999 until they are abolished in 2001.