Morocco and Egypt agree to bolster trade exchanges

Morocco and Egypt agreed on Wednesday to set up mechanisms to increase trade exchanges and enhance economic cooperation between the two Arab countries.

At a meeting held Tuesday in Rabat, Moroccan economy minister, Fathallah Oualalou and Egyptian Trade minister Ahmed Jouili said direct contacts and joint ventures between the two states' entrepreneurs should be encouraged to increase trade exchanges from the current $30 Million to 200 Mln by 2000. Another means is coordinating actions between the two countries bourses and banks.

The two ministers also stressed the need to lift all obstacles hampering the development of trade exchanges.

Moroccan Prime Minister Abderrahmane El Youssoufi who met with the Egyptian official said on Wednesday that despite the big rise in the two-way trade to $30 million in 1998 from $18 million the previous year, trade still does not match the "excellent political relations" between the two Arab states.

The Moroccan and Egyptian businessmen wrapped up Tuesday here their first meeting which was devoted to reviewing ways to rev up trade exchanges, investments and seal deals in fishing, maritime transports and tourism fields.

Projects adopted by the businessmen will be submitted to the Moroccan-Egyptian high cooperation commission to meet in Morocco next Spring.