Libya has officially ended its trade and economic boycott against Switzerland.
The new Libyan government made the decision on Sunday and announced the news on Monday, leaving Libya free to do business with Switzerland as well as with Lebanon, which the late ruler Moammar Gaddafi had also boycotted.
The economic sanctions against Switzerland were the result of a diplomatic row between Switzerland and Libya over the arrest of Moammar Gaddafi’s son Hannibal in Geneva in July 2008.
Along with the European Union, Switzerland began lifting its sanctions against Libya in September 2011 after the United Nations Security Council gave it the green light to return SFr350 million ($399 million) of blocked funds to Libya.
According to the State Secretariat for Economic Affairs, Swiss business with Libya has suffered considerably over the past few years.
In 2008 Switzerland exported goods worth SFr282.3 million to Libya; this amounted to 0.13 per cent of total Swiss exports. In 2009 Swiss exports plummeted to SFr156.2 million, falling again to SFr110 million in 2010.
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