Morocco and Egypt to establish free trade zone
Morocco-Egypt, Economics, 11/28/1997

Morocco and Egypt signed an agreement to establish a free zone for commercial exchange and economic cooperation between them.

Edris Gato the Moroccan minister of trade and Ahmed Gowila the Egyptian minister of trade headed their respective delegations.

It is expected that this agreement will be submitted to the Egyptian - Moroccan joint high committee which has decided to hold its second session during the coming December in Egypt and will be headed by Morocco's King Hassan II and the Egypt's President Hosni Mubarak.

Moroccan sources confirmed that the reason for the agreement was to establish a region for Moroccan and Egyptian commercial exchange through a three stage process that will result in a free trade zone.

The first stage concerns "customs exemptions" which will be dealt with immediately after the signing of the agreement, the second stage deals with products and goods that will be subject to customs reductions over a period of five years and the third stage deals with products and goods with customs tariffs exceeding 25% which will be annually and gradually reduced within 10 years, in order to establish the free trade zone.

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