Trade Agreements Morocco

The agreement with Morocco was designed to take into account the different levels of economic development by providing for an asymmetrical approach. While EFTA states lifted their tariffs and quantitative restrictions on imports or exports from Morocco and measures of equivalent effect when the agreement came into force, Morocco was allowed to allow them to expire for an extended transitional period, leaving time to adapt its economy to free trade conditions. This phase of operation is completed on December 1, 2011. In the area of trade and economic cooperation, the volume of bilateral trade has steadily increased to $1.16 billion in 2004,” Said Mr. Wu. Nothing has led to bilateral cooperation, for example. B in traditional fields such as fishing, agriculture, health and engineering. 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. Morocco has been a member of the World Trade Organization (WTO) since 1995. In addition, Morocco is a member of various regional trade agreements such as the Arab Maghreb Union (AMU), the Arab Free Trade Area (GAFTA) and the Free Trade Agreement between arab and Mediterranean countries, known as the Agadir Agreement. The Kingdom has signed bilateral free trade agreements with regional groups such as the European Free Trade Association (EFTA) and the European Community (EC), the United States of America.

Discussions are ongoing with other countries, including Canada. Morocco`s free trade agreement with the EU, signed in 1996, came into force in 2000 and will be phased in with the aim of creating a free trade area between the EU and Morocco by 2012, noting that the abolition of tariffs on industrial products has been a boom for Moroccan producers, given that about 75% of Moroccan exports are destined for Europe. France is Morocco`s largest trading partner, followed by Spain. The United States and Morocco signed a free trade agreement on June 15, 2004. The agreement entered into force on January 1, 2006. The U.S.-Morocco Free Trade Agreement is a comprehensive agreement that supports the important economic and political reforms underway in Morocco and provides better trade opportunities for U.S. exports to Morocco by removing and removing trade barriers. Morocco`s trade imbalance increased from $86 billion in 2006 to 118 billion dirhams between 2006 and 2007, an increase of 26.6%, bringing the total to 17% of GDP. The Depletion and Management Fund predicts that inequality could reach 21% of GDP if imports continue to grow faster than exports.

Foreign Trade Minister Abdellatif Mazouz said in early September that government members had approved a plan focused on four main areas: a coordinated export development strategy, import regulation, market and economic monitoring, and adaptation of regulations and labour practices. The plan, Mazouz said, “will allow us to improve the foreign trade situation and reduce Morocco`s trade deficit.” The Minister added that he expected the imbalance to be reversed by 2010. [6] Trade between Morocco and the United States has grown from $1.4 billion since the implementation of the free trade agreement signed between the two countries in 2006 to $2.3 billion in 2007, former Moroccan Trade and Economy Minister Salaheddine Mezouar said in 2007.

Book your tickets