Still, why the rush to exchange ambassadors?

ECONOMIST: Libya and the United States

Although details of the deal signed in Washington have not been made public, sources on both sides have said there was an agreement to exchange ambassadors as soon as possible and to work together to combat drug trafficking.

BBC: President Evo Morales on 10 March 2011

An exchange of ambassadors could lead to Vietnam getting Most-Favored Nation trading status and Export-Import Bank loans, critical for buying high-priced items such as aircraft.

CNN: ASIANOW - Asiaweek

But the Bush administration's investigation of a report that Gadhafi plotted to assassinate Saudi Crown Prince Abdullah cast doubts on how soon the two countries would move toward an exchange of ambassadors, which would signify the full resumption of relations.

CNN: U.S. renews diplomatic ties with Libya