Topics: World Trade Organization, International trade, Free trade Pages: 3 (590 words) Published: March 18, 2013
Group “A”
Quick overview about Lebanon’s economy (slide 1)
The 1975-90 Lebanese civil war seriously damaged Lebanon's economic infrastructure, cut national output by half, and had major consequences for Lebanon's position as a Middle Eastern entrepot and banking hub. After the war, the central government regained its ability to collect taxes and control over key port and government facilities. As a result, GDP per capita expanded 353% in the 1990s.[5] The Lebanese economy is a typical open economy with a large banking sector equivalent to more than 2.5 times its economic sector and providing an important support to aggregate demand. Lebanon's liberal economy is based on competition and private ownership. Services and banking sectors predominate, representing 70% of the country's gross national product. Agriculture constitutes 10% and the industrial sector constitutes the remaining 20%. (Slide 2)

As we see here the chart represents Lebanon GDP, through drawing we note that gross domestic product (GDP) in Lebanon getting better from year to year due to the economic improvement in Lebanon to some extent. GDP reach in 2012 7500 $. (Slide 3)

World Trade Organization (WTO)
The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. The WTO agreements cover goods, services and intellectual property. They spell out the principles of liberalization, and the permitted exceptions. They include individual countries’ commitments to lower customs tariffs and other trade barriers, All WTO members must undergo periodic scrutiny of their trade policies and practices, each review containing reports by the country concerned and the WTO Secretariat. (Slide 4)

Lebanon requested observer status in November 1998 and began its accession process last year, when the WTO accepted Lebanon’s application of accession. Lebanon stated that it would need $16 billion to join the WTO and it called upon...
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