Morocco, US economic ties reviewed in Washington
Morocco-USA, Economics, 10/22/1999

Moroccan-US economic and commercial ties were reviewed at a meeting Wednesday in Washington.

The meeting gathered Moroccan Economy and Finance Minister Fathallah Oualalou, and the Europe and Mediterranean administrator at the US External Trade Department, Ms. Catherine Novelli.

The upcoming entry into force of the Morocco-European Union Association Accord and its impact on trade exchanges between Morocco and the USA -- which are bound since 1995 by a bilateral accord on commerce and investments -- weighed on the meeting's heavy agenda.

The Moroccan side insisted on Moroccan products access to the US market, investments, and external debt besides the upcoming meeting of the World Trade Organization and the backing to African countries.

Oualalou said the entry into force of the Morocco-EU Association Accord will not entail deep changes in the short term, either for Morocco or for the United States, saying that Moroccan industrial products already have free access to the European market and that agricultural products were not yet covered by the new system. US wheat in particular will not, therefore, be affected by any discretionary measures while at the industrial level, the aeronautics sector will continue to form the bulk of Morocco's imports from the US, Oualalou said.

He stressed the need for Rabat and Washington to ponder ways to give a new impetus to their trade in the long run, mainly through the setting of bilateral free trade zones.

Regarding the access of Moroccan products to US markets, the two sides agreed on the need to target specific products, as was done for tomatoes.

They highlighted the importance of technical assistance to foster the awareness of Moroccan agricultural operators as to the U.S phyto-sanitary regulations.

The Moroccan and American officials also agreed to identify obstacles hindering the flow of investments with a view to lower them down.

Oualalou surveyed the efforts being made by Morocco to improve its investment environment, laying a special emphasis on the new investment charter.

He also recalled the decision announced recently by King Mohammed VI to set up an investment commission under his chairmanship. The Commission, Oualalou said, will have as a prime objective the spur of investments.

Touching on good governance, the two sides studied Morocco's possible adhesion to the international convention on corruption. In this connection, Oualalou said Morocco is currently endeavoring to promote transparency and consolidate the rule of law.

The American side lauded the Moroccan efforts geared towards the reform of the administration and voiced backing for Morocco's drives to downsize external debt.

Oualalou thanked the US for backing Morocco's proposal to the Paris Club to increase the ceiling of debt swapping to 30%. He urged the Americans to follow France's suit and swap part of Morocco's debt.

Previous Stories:
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  U.S EX-IM Bank wants to contribute to developing Morocco-US Partnership   (5/19/1999)

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