US president signs Morocco-US FTA implementation act

US president George W. Bush signed this Tuesday the implementation act of the Morocco-US free trade agreement signed by the two countries last June 15.

The FTA, approved by the US congress and House of Representatives end of last July, "will help create jobs and new opportunities for Americans by deepening our trade ties with an important friend in the Arab world," says White House spokesman, Scott McClellan, in a press release.

He added that "Morocco's leadership has been steadfast in its support for economic and political liberalization," stressing that it will promote "an ever-widening circle of free trade that will help integrate the Middle East region into the global trading system."

The US chief executive had insisted in a message urging the Congress to pass the agreement that it "enhances our bilateral relationship with a longstanding partner in the North Africa and Middle East region," highlighting Morocco's official support to "a reformist and tolerant vision that includes free parliamentary elections, the sale of state-owned businesses, the encouragement of foreign investment that can be connected to broad-based development, and better protection of the rights of women and workers."

The Morocco-US FTA is the first agreement of the kind ever concluded by the USA with an African country and the second one with an Arab country, after Jordan.

King Mohammed VI and President Bush agreed to negotiate a Free Trade Agreement in April 2002 during a visit of the Moroccan sovereign to Washington.

The U.S.-Morocco FTA will immediately eliminate tariffs on more than 95 percent of bilateral trade in consumer and industrial products. All remaining tariffs on these goods are to be eliminated within nine years - the best market access package of any U.S. free trade agreement with a developing country signed to date. The agreement also significantly reduces barriers to agricultural products and services.