Morocco and Saudi Arabia plan to conclude new trade and tariffs agreement

Moroccan Minister of Industry, Trade and Handicraft Alami Tazi reviewed in Rabat with Saudi ambassador in Morocco, Majed Kabbani, means to consolidate bilateral cooperation, mainly the conclusion of a new trade and tariffs trade.

The two men deemed that the Moroccan - Saudi agreement, which dates back to 1966, no longer corresponds to the two countries' economic orientations and international market requirements.

The updated agreement will be signed by the upcoming joint commission meeting.

The value of trade between the two arab states stood in 1997 at 5.6 Bln DH ($609 million). The Saudi share, consisting of oil and plasticware exports, is estimated at five million DH ($543,000)

Morocco exported 6 million DH worth of products ($652,000), mainly phosphoric acid, foodstuffs, citrus fruits and textiles.