Morocco wishes preferential trade agreement with Brazil, comprehensive TFA with MERCOSUR

Visiting King Mohammed VI has voiced Morocco's hope to conclude a preferential trade agreement with Brazil, prior to a comprehensive free trade agreement (FTA) with MERCOSUR countries.

This came in a an Exchange of Toasts during a lunch hosted in his honour y President Luiz Inacio Lula da Silva of Brazil, on the first day of the monarch's visit to this country, second leg of a five-nation South American tour.

"I should also like to stress once again my strong determination to broaden the scope of cooperation between our two countries in all fields, with a view to ensuring optimal utilisation of their enormous resources and potentialities. I look forward to seeing this determination materialize concretely through the conclusion of a preferential trade arrangement, to be subsequently enhanced by a more comprehensive free trade agreement between Morocco and MERCOSUR.," King Mohammed VI said.

Last month, the Brazilian press ageny "ANBA" quoted an official as saying that the South American market was "ready" to sign a preferential accord with Morocco, in the prospect of reaching a free trade agreement.

"We are ready to sign an accord establishing fixed preferences in the prospect of signing a Free trade accord, said Director of International Negotiations at the Brazilian Foreign Ministry, Régis Arslanian, at a meeting with entrepreneurs representing different sectors.

"ANBA" recalled that representatives of the four countries of MERCOSUR (Argentina, Brazil, Paraguay and Uruguay) agreed during the summit of Puerto Iguazu (Northern Argentina) last July to kick off discussions for a framework agreement with Morocco.

Brazil, current chairman of MERCOSUR, aspires to sign a free trade agreement with Morocco before the South America-Arab League Summit scheduled next May 10-11 in Brazil, ANBA said.

In his remarks, the monarch reiterated Morocco's support to the Brazilian initiative to host this first ever gathering that will be preceded by a preparatory meeting in Morocco at Foreign Minister level. He said this summit "marks a decisive step in the ongoing effort to strengthen relations between the two parties and to make South - South cooperation a more tangible reality."