On Tuesday, (3 May) Lebanon became the tenth major Arab country to sign a co-operation agreement with the European Economic Community.
On Tuesday, (3 May) Lebanon became the tenth major Arab country to sign a co-operation agreement with the European Economic Community. It is a result of the Mediterranean policy defined by the Common Market in 1972.
SYNOPSIS: The Agreement was signed at the EEC headquarters in Brussels and was attended by the Common Market President Mr Roy Jenkins. Lebanon was represented by Foreign Minister Mr Fuad Butros and her ambassador to the Commission, Mr Kesrouan Labaki. Lebanon is one of the last Arab countries to sign an agreement with the EEC.
The British Foreign Secretary, Dr David Owen was also one of the signatories. Afterwards the Lebanese Foreign Minister said the aid of GBP19.3 million sterling (33 million US dollars) granted by the Commission was insufficient. He said Lebanon wanted supplementary credit of GBP64.3 million sterling (110 million US dollars). Later he said that he'd had no answer to this request, but hoped the Commission would come around to eventual agreement to it.
Mr Butros said the 19 month long civil war had cost Lebanon between GBP1.4 and 1.7 billion sterling (2.5 and 3 billion US dollars). He said the economic situation was now becoming stable and he believed Beirut would soon regain her position as the premier financial centre of the Middle East.