Morocco's FTA promotion in US, 'successful', diplomat

Morocco's ambassador to Washington, Aziz Mekouar has described as "successful" the recent tour in the United States by a Moroccan delegation made up of officials and businessmen to promote the free trade agreement (FTA) signed in 2004 between the two countries.

The delegation, he said, highlighted the investment climate that prevails in Morocco and the progress achieved in economy. He told MAP that the North African country's economic and political stability, market economy, infrastructures and geo-strategic location make of it an attractive destination for investors.

Morocco is an important platform open to the USA, European Union, Turkey, Middle East and Africa, said Mekouar noting that investing in Morocco opens the gates to a market of one billion consumers.

The diplomat said that the delegation, made up of high-ranking economic officials as well as members of the Moroccan American Trade and Investment Council (MATIC), held a number of meetings in Detroit, Austin, Minneapolis and Minnesota, with firm managers operating in agro-industry, finance and banking in order to explore opportunities the FTA offers.

Morocco is the only African country, and second Arab country (after Jordan) to sign a Free Trade Agreement with the United States. The accord, signed on June 15, 2004, eliminates tariffs on 95 percent of all bilateral trade between the United States and Morocco, and includes stringent protections for intellectual property and the environment.

Morocco signed the FTA with the USA after seven rounds of bilateral negotiations that lasted 13 months of discussions meant to eliminate most of the tariffs on mutual trade in consumer and industrial products. The remaining tariffs on these goods are mainly agricultural products from both nations, which will be eliminated within the next nine years.