Morocco is the only African country to hold a free trade agreement (FTA) with the US.
Rabat – The US and Morocco’s General Confederation of Moroccan Enterprises (CGEM) are looking for means to develop their free trade agreement (FTA) cooperation.
The US Embassy in Rabat posted a tweet on July 13 announcing talks between US Ambassador to Morocco David Fischer and CGEM Chairman Chakib Alj.
The meeting between the two parties focused on discussions over how to “grow new opportunities under the US-Morocco Free Trade Agreement.”
#AmbFischer met @CGEM_MA President Alj to discuss how to grow new opportunities under the US-Morocco Free Trade Agreement. pic.twitter.com/rl2UrNhxP8
— U.S. Embassy Morocco (@USEmbMorocco) July 13, 2020
The embassy did not provide further details about the meeting, but the CGEM shared a press release regarding a meeting held on July 9 between Alj and the US ambassador.
The press release said the meeting focused on “ways to further strengthen economic and trade cooperation between the two counties.”
Alj and Fischer recalled the “existence of huge investment and co-investment opportunities” that the Moroccan and American business communities need to seize, CGEM said in its press release.
The CGEM’s role is to build bridges in favor of Morocco’s economy through boosting private sector initiatives.
The body promotes the role of business and social development as one of its main missions.
Morocco and the US are already tied with strong diplomatic relations and trade under the FTA.
The two countries signed the FTA on June 15, 2004. The agreement, however, did not enter into force until January 2006.
J’ai eu le plaisir de recevoir aujourd’hui SEM. @DavidTFischer pour discuter des moyens de renforcer davantage la coopération économique entre nos 2 pays. Convergence sur l’existence de belles opportunités d’affaires & d’investissement à saisir. @USEmbMorocco @Mehditaz pic.twitter.com/GhA4QKtWAG
— Chakib ALJ (@AljChakib) July 9, 2020
The Office of the US Trade Representative (USTR) describes the FTA between the two countries as a “comprehensive agreement that supports the significant economic and political reforms that are underway in Morocco.”
The FTA boosts commercial opportunities for US exports to Morocco by “reducing and eliminating trade barriers.”
The Office’s data shows Morocco as the 55th largest export market for US goods.
“Goods trade surplus with Morocco increased to $1.8 million in 2011, up from $79 million in 2005 (the year prior to entry into force),” the statistics show.
Meanwhile, US exports to Morocco in 2011 were $2.8 billion, up 45% from the previous year, while corresponding US imports from Morocco were $996 million, also up 45%.
