Moroccan Minister Calls for Trade Agreement Re-Evaluation
Moroccan Minister of Industry and Trade, Ryad Mezzour, has urged for a re-evaluation of the free trade agreement with the United States, aiming to establish a more equitable trade balance. This call comes as the two nations commemorate the 20th anniversary of their trade agreement, which was initially signed in June 2004. During a recent speech at the American Chamber of Commerce's annual ceremony in Casablanca, Mezzour emphasized the need for an in-depth assessment of the trade exchanges between Morocco and the U.S., which have seen a significant increase over the past two decades.
Trade Imbalance Concerns
Despite the growth in trade volume—reportedly increasing by 2.5 to 3 times since the agreement's inception—Mezzour highlighted a persistent issue: Morocco's imports from the U.S. continue to outpace its exports. He pointed out that this imbalance necessitates a thorough evaluation to optimize the benefits of the trade agreement. The Minister expressed confidence in Morocco's potential to provide substantial opportunities for American companies, particularly in expanding their reach into European and African markets.
U.S. Ambassador Supports Economic Ties
In response to Mezzour's statements, U.S. Ambassador to Morocco, Puneet Talwar, reaffirmed the strong economic relationship between the two nations. He acknowledged the growing cooperation as a reflection of robust trade ties and commended Morocco's economic stability and advanced infrastructure. Talwar noted the success of Tangier Med Port, which stands as the premier port in Africa and the Mediterranean, further solidifying Morocco's position as a gateway to the African market for American investors.
