Anne-Marie Idrac France’s State Secretary in charge of Foreign trade, said that the French government fully supports the kingdom of Morocco in the ongoing trade agreement discussions with the EU, “taking into consideration its advanced status.”
Does the French Government have any Advise for Moroccan Government?
Following discussions with Abdellatif Maâzouz, Morocco’s Foreign Trade Minister, France’s State Secretary informed MAP that she has emphasized, during the discussions, the necessitation for “a compromise respecting one another, which will reflect Morocco’s special standing, compared with other countries in the region, thanks to its advanced status, which is worth taking into consideration in the negotiation process.” Morocco’s Foreign Trade Minister told MAP that French government wished to send a signal to the European Union on “Morocco’s willingness to move forward in the services negotiations, as was declared in the Grenada (Spain) summit” between the European Union and the Kingdom of Morocco.
What are Morocco’s Demands in Trade Agreement?
The Moroccan Foreign Trade ministers emphasized that the Kingdom demands particularly more flexibility with consideration to a couple of rules relating to the recognition of degrees, which will make way for an effective services agreement. In the minister’s own words “Flexibility in these aspects would enable to go faster in the free trade negotiations.” Maâzouz also said that in the field of textile, the Kingdom is requesting for similar conditions of rules of origin applied to the Pacific, Turkey, Caribbean and African states.
Did Morocco Ever Have a Trading Partner?
In 2009, France happened to be Morocco’s very first trading partner, with 18.2 percent of Moroccan foreign trade. The EU is the Kingdom’s first trading partner and accounts for virtually 60% of its entire trade. Morocco’s imports in 2006 from the European Union arrived at 10.3 billion Euros, while the kingdom exported a total value of 7.2 billion Euros. In 2006, Morocco’s trade deficit with the European Union stood at 3.1 billion Euros.
What is Morocco’s Economy Largely Dependent On?
The Moroccan economy is still pretty much dependent on textiles trade and agricultural products, which together in 2006 accounted for 59 percent of European Union imports from the Kingdom.
What is the Sectoral breakdown of Chief European Union Imports from Morocco?
In 2006, the sectoral breakdown of chief European Union imports from Morocco is:
- Agricultural products – 24 percent
- Clothing and Textiles – 35 percent
- Energy – 4 percent
- chemical products – 4 percent
- Machinery – 15.4 percent
Major European Union exports to Morocco are:
- Machinery – 26.4 percent
- Clothing and textiles – 14 percent
- Energy – 10 percent
- Chemical products – 10.5 percent
- Transport materials – 10 percent
What is Morocco’s Foreign Direct Investment (FDI)?
The European Union is the chief foreign investor for the Kingdom, followed by the United States. In 2005, the European Union Foreign Direct Investment in the Kingdom of Morocco was some whopping 1 billion Euros, adding to the total European Union external stocks in Morocco of almost 4 billion Euros.
Filed Under: Economic News of Morocco