According to the Moroccan Minister of Industry, there are 120 US companies operating in the country.
Minister of Industry and Investment Moulay Hafid Elalamy and Assistant US Trade Representative for Europe and the Middle East, Dan Mullaney led the joint committee.
The committee discussed means to further develop trade relations between Morocco and the US.
Commenting on the meeting, Elalamy emphasized the diplomatic relations between the two countries. In terms of trade, Elalamy said that foreign direct investment (FDI) from the US increased between 2012 and 2018.
He said that the increase represented 5.2% of total FDI inflows to Morocco in 2018.
Elalamiu said that there are more than 120 US companies operating in Morocco, which is a sign of confidence in Morocco’s potential.
Elalamy also recalled the recently launched air routes between Morocco and the US, including the Casablanca-Miami air route launched by flag carrier Royal Air Maroc in April 2014.
Elalamy said that such air routes “offer promising prospects for US companies and strengthen Morocco’s position as a suitable land for investment.”
Elalami also discussed the free trade agreement, calling it a “catalyst for bringing business communities closer together between the two countries.”
The US and Morocco signed the free trade agreement (FTA) on June 15, 2004. The agreement has been effective since January 1, 2006.
FTA helps generate economic benefits for both parties. Through the FTA, the US aims to to promote bilateral relations between its allies.
Since its enactment, US-Morocco have reinforced their diplomatic relations by continuing to advance in areas such as development and security.
Mullaney expressed his country’s intention to further boost trade between the countries and to promote investment.
The US official called for reflection on how to improve bilateral trade to take full advantage of the opportunities the agreement offer.
Maghreb Arab Press (MAP) reported that the volume of trade between Morocco and the US more than quadrupled during the 2006-2018 period, reaching approximately $5.44 billion in 2018, compared to $1.34 billion in 2006.
Exports also increased more than fivefold to $1.38 billion in 2018 from just $0.26 billion in 2006. Imports more than quadrupled, reaching $4.06 billion in 2018 compared to only $1.08 billion in 2006.