Morocco to sign FTA with Turkey in April

Morocco and Turkey will sign a free trade agreement (FTA) next April, said in Rabat Monday, Moroccan foreign trade minister, Mustapha Mechahouri.

Addressing a commission at the house of representatives (Parliament's lower chamber), Mechahouri said this agreement, initialled by Morocco on October 3rd 2003, is part of the euro-Mediterranean regional integration.

The agreement, said the minister, provides for the creation of a free trade zone in the sector of industry after a 10-year transition period and the lifting of all customs tariffs for Moroccan industrial products, while Turkish products would benefit from a gradual exemption of these tariffs.

The agreement will reinforce bilateral cooperation between the two countries' economic operators, said Mechahouri.

The flow of trade between the two countries increased from 870 million Dirhams (nearly 97 million dollars) in 1985 to 2.47 billion DH (over 270 million dollars) in 2003. Morocco imports from Turkey mine products, industrial fibres, cars, radios and televisions, and exports mainly phosphate acid, lead and leather products.