Morocco and Australia initial commercial accord

Morocco and Australia initialled recently in Rabat a commercial accord destined to bolster trade exchange and economic cooperation between the two countries.

The accord, initialled by Morocco's trade and industry minister Alami Tazi and Australia's Ambassador in Rabat John Spender, will be officially sealed during the few coming months on the occasion of the visit Australian foreign trade minister will pay to Morocco.

Trade exchange between the two countries stood in 1998 at around $474 million including $336 million in Moroccan exports and $138 million in Australian imports.

Morocco's imports from Australia consist mainly of wheat, butter, cheese and meat, while exports are made mostly of phosphates, fresh food and canned fish.

The two countries are also looking into the possibility of setting up a joint business council and signing accords on non-double taxation and on mutual investment promotion and protection.