Lebanon has a competitive and free market system and a strong unrestrictive commercial tradition. Lebanon is a developing economy, with a strong contribution from the private sector. The Lebanese economy is service-oriented where the main growth sectors include banking and tourism.
The major industrial sectors in Lebanon include metal products, agriculture, chemicals, and transport equipment. Goods exported from Lebanon include authentic jewellery, inorganic chemicals, miscellaneous consumer goods, fruit, tobacco, construction minerals, electric power machinery and switchgear, textile fibres and paper.
Lebanon has adopted trade liberalization policies as part of its comprehensive economic strategy to integrate Lebanon further into the global economy. It has signed trade agreements with Arab countries and the European Union (Euro-Mediterranean Partnership Initiative, Free Trade Agreement with the European Free Trade Association (EFTA) and Greater Arab Free Trade Area (GAFTA)) Lebanon is also in the process of accession to the World Trade Organization. It is also signatory of several bilateral investment agreements for the promotion and protection of investments. Some of the trading partners of Lebanon include South Africa, Switzerland, UAE, Saudi Arabia, USA, China, Italy and France.
Lebanon's economy continues to grow at a moderate pace due to the current uncertain domestic political scene and instability in the region affect investment and private consumption.
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