Morocco-Egypt free trade accord may enter into force in February

The accord on the creation of a free trade area between Morocco and Egypt may enter into force in February, an Egyptian businessman said.

Yamani Foulfoula, who heads Egypt's delegation to the meeting of the Morocco-Egypt business council, told Morocco's Assahra Al-Maghribya daily that the accord was ratified by the Moroccan parliament last December and by the Egyptian parliament on January 3.

The accord was concluded during the visit King Hassan II paid last May to Egypt.

The Morocco-Egypt business council will hold its first annual session on February 1-4 in Casablanca to debate means to increase bilateral trade which do not exceed $30 million and encourage joint ventures between the two countries' investors.

Foulfoula imputed the weak level of bilateral trade exchange to the lack of communications between the two nations' businessmen. That is why, he said, the council will stress the importance of the exchange of visits and setting up of information centers on investment opportunities in Morocco and Egypt.

The Morocco-Egypt business council, which was created during King Hassan II's visit to Egypt, will also examine means to develop cooperation in tourism, especially through the reduction of air transport fares, granting free visas and cooperation between the two countries' travel agencies.

Foulfoula added that President Husni Mubarak may visit Morocco next May or April to attend the meeting of the Moroccan joint high commission.