Morocco, Turkey initial FTA agreement

Morocco and Turkey initialed a free trade agreement (FTA) that will boost bilateral trade and economic relations, the Moroccan external trade ministry said in a release.

The accord, initialed at the end of a fifth round of negotiations held here this October 2- 3, will be the "natural extension of friendship and cooperation links that always existed between Morocco and Turkey," the release underlined.

The agreement, the release went on, will have an undeniable impact on the development of investments thanks to the multiple opportunities it will offer to private economic operators.

The two sides agreed on a 10-year transition period to set up a zone of a free trade industrial zone, the source added, underlining that Moroccan industrial products will be exempted of customs duties as soon as the agreement enters into force.

Due to the specific character of the agricultural sector in Morocco and Turkey, the two countries decided to "make mutual concessions as regards some products," says the source.