Egyptian-Moroccan business council meets in Cairo as low trade levels continue
Egypt-Morocco, Economics, 10/14/1999

The Moroccan-Egyptian business council is currently holding its third session in Cairo to assess the level of trade exchanges between the two states and identify obstacles hampering the promotion of these exchanges.

Participants in the meeting underlined the political and strategic dimension of Moroccan-Egyptian cooperation and stressed the need to include this cooperation in the frame of an integrated regional development.

They noted that trade exchanges have been steadily increasing over the past three years to stand at $ 40 million. The figure is however far below the $ 200 million targeted in year 2000.

Businessmen and economy experts predict a large increase of trade exchanges following the setting up of a Moroccan-Egyptian free trade area, in force since April 1999.

The free-trade area related accord provides for the suppression, with immediate effect, of all duties on some sixty Moroccan and Egyptian products. Custom duties of more than 25 % will be gradually lowered by 5 % a year.

The business council noted that some Moroccan and Egyptian businessmen have launched joint projects in both states but that a number of obstacles are still hampering a smooth flow of investments both ways.

The council voiced satisfaction over Morocco's decision to grant to Egyptian businessmen multiple entry visas for one year.

During its second meeting held in Casablanca last June, the council had recommended, among others, the easing of visa procedures for businessmen.

The Cairo meeting entrusted a working group with setting up a joint data base on export and import opportunities provided by the two countries. The data will be accessed via internet.

The council's recommendations will be submitted to the joint commercial commission, to convene in Cairo next November 21.

The council's second session had equally recommended the increase of flights between the two countries, the lowering of travel fees and air freight costs and the rebating of phoning tariffs. It also proposed the easing of capital transfer between the two states to encourage the setting up of joint ventures, and to extend the Moroccan maritime line connecting Casablanca to Ben Ghazi in Libya to the Egyptian port of Alexandria.

Previous Stories:
  Egyptian - Moroccan businessmen's council convenes in Cairo   (10/8/1999)
  Moroccan trade minister meets Egypt's ambassador in Ribat   (10/7/1999)
  Moroccan-Egyptian business council meets in Cairo next week   (10/5/1999)

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