By Law No. 843 of August 17, 1957, published in the Official Gazette of the Italian Republic No. 237 of September 24, 1957, the President of the Republic was authorized to ratify the Agreement on Economic Cooperation and Settlement of Issues arising from the Resolution of the United Nations General Assembly of December 15, 1950, entered into between the Italian Republic and the Kingdom of Libya on December 7, 1957. The Agreement was subsequently ratified and entered into force both nationally and internationally on the same date, December 7, 1957.
The Agreement falls within the framework of international relations following the decolonization of Libya and aims to regulate the legal and patrimonial consequences resulting from the end of Italian sovereignty over Libyan territory, in implementation of the aforementioned UN Resolution, which established Libya's independence as of January 1, 1952.
Under the terms of the Agreement, the Parties committed, on the one hand, to settle all outstanding economic and patrimonial issues arising from the colonial period—including acquired rights and movable and immovable property owned by Italians in Libya—and, on the other hand, to promote structured forms of economic, cultural, technical, and scientific cooperation, in accordance with the principles of friendship, sovereign equality, and mutual respect.
The Agreement also provided mechanisms for resolving disputes that may arise during implementation, expressly referring to the principles of general international law. In particular, it included protection measures for Italian citizens still residing or operating in Libya at the time of independence, as well as the adoption of instruments for technical cooperation and development assistance, respecting Libya’s new international status as an independent State.
The Agreement has an indefinite duration and, to date, there has been no formal notice of termination by either of the two Contracting Parties. It still forms part of the legal framework governing bilateral relations between Italy and Libya, although some of its provisions have been superseded or supplemented by subsequent agreements, including the Treaty of Friendship, Partnership and Cooperation of August 30, 2008.


https://itra.esteri.it/Search/Allegati/44834