A delegation from the Banking Committee at the US Senate has arrived in Morocco to discuss means to boost the US-Moroccan partnership.
Rabat – Head of Government Saad Eddine El Othmani received a delegation from the Banking Committee at the US Senate in a meeting on Monday, September 30.
Senator Richard Shelby, chairman of the Banking Committee at the US senate, led the delegation composed of members of his Banking Committee at the US Senate.
During the meeting, Shelby expressed his committee’s determination to boost partnership with Morocco, a statement from the head of the government office announced.
The committee also expressed satisfaction with Morocco’s initiatives for “economic and social development in Africa.”
El Othmani recalled the “longstanding friendly relations between Morocco and the United States.” He said Morocco and the US share a “strategic partnership.”
The visit is part of the two countries’ “strategic dialogue” initiative the development of their 2006 free trade agreement, El Othmani said. He added that discussions also touched on furthering US-Morocco cooperation on several other sectoral agreements that reflect the depth of bilateral relations. ,
Morocco and the US inked the free trade agreement (FTA) on June 15, 2004. The agreement has been effective since January 1, 2006.
In July, 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.
The visit of the US delegation comes after vows from both the US and Morocco to strengthen cooperation.
On July 16, a joint committee for the follow up of the Morocco-US FTA met in Rabat with Minister of Industry and Investment Hafid Elalamy.
During the meeting, both parties discussed means to boost economic cooperation.
Elalamy described the FTA as a “catalyst for bringing business communities closer together between the two countries.”
The Moroccan official also emphasized that more than 150 US companies are active in Morocco.