Moroccan-Egyptian business council meets in Cairo next week

The Moroccan-Egyptian business council will hold its third session in Cairo next October 13.

The meeting will be held on the fringes of the visit Moroccan minister of industry, trade and handicraft, Alami Tazi, will be paying to Egypt.

The council's latest meeting in Casablanca last June had assessed the level of trade exchanges between the two states and identified obstacles hampering the promotion of these exchanges.

The council recommended among others the easing of visa procedures for businessmen, the increase of the number of flights between the two countries, the lowering of travel fees and air freight costs and the rebating of phoning tariffs.

The council also proposed the easing of capital transfer between the two countries to encourage the setting up of joint ventures, to create a joint data base and to extend the Moroccan maritime line connecting Casablanca to Ben Ghazi in Libya to the Egyptian port of Alexandria.

The council discussed means of giving momentum to the Moroccan-Egyptian free trade area-- in force since April 1999-- and to similar accords concluded by both countries with other Arab countries.

The accord provides for the suppression, with immediate effect, of all duties on some sixty Moroccan and Egyptian products. Custom duties of more than 25 % will be gradually lowered by 5 % a year.

Businessmen and economy experts predict a large increase of trade exchanges that stood at the beginning of the current year at only $ 30 million. These exchanges are expected to reach $300 million before the end of year 2000.