Morocco signs Free Trade Agreement with U.S
Morocco-USA, Economics, 6/17/2004

Morocco and the United Sates signed, in Washington Tuesday, the Free Trade Agreement, concluded after 7 rounds of negotiations that lasted 13 months.

The agreement, signed by Moroccan Minister-Delegate of Foreign Affairs and Cooperation Taieb Fassi-Fihri and U.S. Trade Representative Robert B. Zoellick, will "expand opportunities for the workers, manufacturers, consumers, farmers, ranchers and service providers of both Morocco and the United States," the US embassy in Rabat said in a release.

Besides, it will also "support Morocco's economic and political reforms while marking an important step towards President Bush's vision of a Middle East Free Trade Area by 2013."

King Mohammed VI and President Bush agreed to negotiate a Free Trade Agreement in April 2002 during a visit of the Moroccan sovereign to Washington. The agreement, finally reached in 2 March 2004, materializes the two countries' strong political will to promote strategic partnership.

This accord takes into account the socio-economic reality in Morocco and offers a wide range of opportunities for the development of exchanges and investment, the Moroccan negotiating team, led by Fihri said.

For the Moroccan minister, the major aspiration behind the agreement is to make of Morocco a platform for foreign investments, increase the kingdom's exports to the US market, energize the liberalization of the Moroccan trade and reinforce the competitiveness of its enterprises.

The U.S.-Morocco FTA will immediately eliminate tariffs on more than 95 percent of bilateral trade in consumer and industrial products. All remaining tariffs on these goods are to be eliminated within nine years - the best market access package of any U.S. free trade agreement with a developing country signed to date. The agreement also significantly reduces barriers to agricultural products and services.

Last March, US president George W. Bush underlined that the accord will contribute not only to the consolidation of bilateral relations with an "important ally," but it will also open the door for the establishment of a Free Trade Agreement in the whole region.

The agreement, that crowns a series of similar deals which Morocco has signed with some Arab countries and Turkey, is part of a policy of reforms that aims at achieving development and prosperity in the north African country.

"The United States recognizes King Mohammed VI's wise and courageous efforts to expand economic and political opportunities for all Moroccans," said US Ambassador to Morocco, Thomas T. Riley, who attended the signing ceremony.

The signing of the U.S.-Morocco Free Trade Agreement, he added, is a "tangible sign of our support for Morocco's commitment to reform and the difficult choices surrounding those reforms. The FTA will help increase Moroccan exports, create jobs, and serve the real interests of all Moroccans. We look forward to working with Morocco to encourage U.S. investment in the Kingdom."

Experts deem that Morocco reiterates via this accord commitment to a progressive and balanced openness of its economy and to a growing integration in the world economy.

Senate Finance Committee Chairman, Chuck Grassley, on his part voiced support to the agreement that still needs to be approved by the Moroccan parliament and the US congress to enter into effect.

The new pact was at the heart of talks Monday and Tuesday between Taieb Fassi-Fihri and several US officials, including Assistant Secretary of State for Near Eastern William Burns, and Deputy Secretary of State Richard Armitage.

Previous Stories:
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  Moroccan-American FTA, best ever concluded agreement with USA, Minister   (4/13/2004)

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