Future free trade accord with US will boost growth in Morocco, US official
Morocco-USA, Economics, 9/28/2002

The free trade accord Morocco and the USA are to conclude will contribute to boosting the growth of the Moroccan economy, US commerce deputy-secretary, Samuel Bodman said.

The accord will bring foreign investments that Morocco needs and will help generate more jobs, the official told a meeting held Friday in Casablanca by the American Chamber of Commerce (AmCham).

The US official, who arrived Thursday in Morocco, already conferred with Moroccan officials, including Prime Minister Abderrahmane Youssoufi, minister of economy, finance, privatization and tourism, Fathallah Oulaalou, and secretary of state for foreign affairs and cooperation, Taieb Fassi Fihri.

Talks focused on the projected free trade accord between the two countries. Negotiations will start shortly for the conclusion of the agreement, announced during the official visit King Mohammed VI paid to the USA last April.

Bodman said during the first year of the enforcement of the accord the US already concluded with Jordan, Jordanian exports to the USA posted a spectacular rise of 300 percent.

US firms, he said, highly appreciate the quality of the Moroccan labor and consider the Kingdom an important gateway of new information technologies services to French-speaking Africa and to the Arab World.

Trade between Morocco and the USA increased by 60 percent during the first half of 2002 compared to the same period last year ($ 610 million against 378 million), he said.

He also noted that Morocco benefited from $ 3 million funds extended by the US Agency for International Development (USAID), he added, lauding Morocco's efforts to liberalize its economy.

These efforts coupled with partnership accords between Rabat and Washington will increase US investments in Morocco, he said.

Speaking to the press after the AMCham meeting, Bodman said the pace of negotiations on the free trade accord will be increased.

Bodman's visit to Morocco, last leg of a tour that took him to Egypt, Tunisia and Algeria, comes after the adoption of the Trade Promotion Authority law in the Unite States.

Previous Stories:
  Congress group holds 1st meeting on free-trade agreements with foreign countries   (9/21/2002)
  Bush administration to proceed on free trade agreement with Morocco, other countries   (8/24/2002)
  Bush expects free trade accord with Morocco to be signed shortly   (8/5/2002)

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