Moroccan Minister of Industry and Trade Riad Mazour called for a re-evaluation of the free trade agreement with the United States, with the aim of achieving a fairer trade balance between the two countries, two decades after the conclusion of the agreement.
This came during his speech at the annual ceremony of the American Chamber of Commerce in Morocco in Casablanca, on Friday evening, and its details were reported by the official Moroccan news agency yesterday, Saturday.
Mazour said, “This year marks the twentieth anniversary of the free trade agreement between Morocco and the United States, which requires an in-depth evaluation to ensure an optimal balance in trade exchanges.”
He added that the volume of Morocco’s imports from the United States still greatly exceeds its exports, despite the fact that the volume of trade between the two countries has multiplied by 2.5 to 3 times over the past two decades.
He continued: “We have tremendous opportunities that we can offer to American companies, so that they can increase their share in the European and African markets, and other markets.”
The free trade agreement was signed between Morocco and the United States in June 2004, and includes agricultural and industrial products and provides customs concessions in the form of discounts.
For his part, US Ambassador to Morocco Puneet Talwar praised the strong economic relations between the two countries, and pointed out that this growing cooperation reflects the strength of trade ties.
Ambassador Talwar also praised the economic stability and advanced infrastructure enjoyed by Morocco, and highlighted the success of the Tangier Med Port as the first port in Africa and the Mediterranean.
He added that Morocco is a gateway to Africa and a major partner for American investors.
