Morocco, Egypt resolved to promote economic cooperation

The Moroccan and Egyptian governments are resolved to upgrade their economic cooperation and overcome obstacles hindering the increase of trade exchanges, said Egyptian external trade minister, Youssef Boutros Ghali.

The Egyptian official made the statement on the eve of a visit to Morocco at the head of a delegation of officials, economic operators, members of the Moroccan-Egyptian business council and of the joint trade chamber, to attend this January 7-8 the trade commission meeting.

This meeting, he told MAP bureau in Cairo, will address obstacles hindering the increase of bilateral cooperation. The two sides will also exchange instruments of ratification of a protocol related to the adding of 28 new products to the list of completely or partially duty-exempted products.

The commission will further look into other draft agreements and memorandums of understanding meant to upgrade cooperation between the two Arab states, in addition to a memorandum of understanding between the Casablanca and Cairo stock markets to exchange information and expertise.

Meanwhile, business operators from the two countries will conclude joint investment projects in medical industries, sportswear, fish canning plants, and chemical products.

The volume of trade between the two countries progressed in 1999 by 77% compared to 1998, from 17 US$ million to US$ 50 million.