Moroccan-US trade up 30% since adoption of FTA

16/05/2007

[Getty Images] Mezouar

Moroccan-US trade has risen by 30% to $1.2 billion since the enforcement of the free trade agreement (FTA) signed between the two countries in 2006, local press quotes Morocco’s Minister of Trade and Economy Salaheddine Mezouar as saying on Tuesday (May 15th). Speaking at a conference on FTA assessment, Mezouar pointed out that Moroccan clothing exports to the USA had increased by 122% in 2006 while perfume sales had grown by 41%, also noting that US investment in Morocco exceeded $1.5 billion, mainly in tourism and clothing. In 2006, Moroccan-US trade was up 44% over 2005. Moroccan exports to the US netted $521.2 million while American exports to Morocco reached $875.5 million, up 67% from 2005. The FTA came into force on January 1st, 2006. According to the FTA agreement, Morocco can export to the US a duty-free quota of 15 million square meters of finished goods and 500 tonnes of thread and materials made from fibres and cotton from less developed Sub-Saharan African countries. Morocco is looking to expand its textile markets outside the EU due to strong competition after the EU abolished quotas for Asian textiles in January 2005.