The United States Trade Representative (USTR) and the Ministry of Economy and Trade signed a Trade and Investment Framework Agreement (TIFA) on December 1,2006. Apart from pledging to foster an environment conducive to mutual trade and investment, the TIFA requires the two parties (represented by USTR and the Ministry, respectively) to set up a United States-Lebanon Council on Trade and Investment which will meet twice a year or more to consult on trade and investment impediments and any other issues of concern.  The Council will seek and consider the views of private sector representatives in both countries.  Finally, under the TIFA the United States and Lebanon agreed to a consultation mechanism  which may be activated by either party within 60 days in the event of a dispute or other development affecting trade relations.

At the signing ceremony for the TIFA, the Economy Minister expressed interest in signing a Free Trade Agreement (FTA) with the U.S. Government.  No work toward such an agreement has begun, however.