The parties are working to gradually liberalize and open their markets to trade in services, in accordance with the provisions of the General Agreement on Trade in Services (GATS). In addition, the EFTA states and Lebanon will consider granting each other additional benefits that each party can grant to a third party. Under the agreement, payments related to trade and investment transfers should not be limited. The parties share the objective of promoting, through various means, an attractive and stable environment for reciprocal investment. Agreements between economic operators of the contracting parties and the abuse of dominant position by the economic operators of the contracting parties are incompatible with the agreement if they affect trade between the EFTA states and Lebanon. In this case, a party may refer the matter to the joint committee and, in the absence of an agreement between the parties concerned, take appropriate action. The agreement also provides for an exchange of information between the parties on the application of their competition laws. In addition, trade in agricultural commodities is covered by three bilateral agreements negotiated separately between Iceland, Norway and Switzerland/Liechtenstein on the one hand, and Lebanon on the other. These agreements are part of the instruments for creating the free trade area.
They provide for reciprocal tariff concessions. Each agreement also contains specific rules of origin, usually based on „fully preserved“ criteria. One of the objectives of the agreement is the gradual liberalisation of trade in goods, in accordance with Article XXIV of the GATT. Until 1 March 2015, virtually all tariffs on trade in industrial and fish and other seafood products have been abolished. The agreement also contains provisions on the elimination of other trade and trade-related barriers, including competition rules, state monopolies and state aid. In addition, the agreement contains chapters on intellectual property, services, investments, payments and transfers. The agreement establishes a joint committee to oversee the implementation of the agreement and provide for a binding arbitration procedure. The accumulation of origin means that a product can be processed from a partner country or can be added to a product from another partner country, but can nevertheless be considered a „product of origin“ of that second partner country for the purpose of a specific trade agreement.
The free trade agreement applies to trade in industrial products, including fish and seafood. In addition, bilateral agreements on agricultural commodities have been concluded between the various EFTA countries and Lebanon, which are part of the instruments for creating the free trade area. The ASSOCIATION agreement BETWEEN the EU and Lebanon has gradually liberalised trade between the EU and Lebanon.