U.S., MOROCCO START FREE TRADE NEGOTIATIONS
The U.S. and Moroccan governments started negotiations this week to eliminate tariffs and other trade barriers between the countries.
The first round of free-trade agreement talks was held in Washington on Jan. 21. Subsequent negotiation rounds will alternate between Morocco and the United States with the goal of completing the agreement by the end of 2003.
“This agreement will create economic opportunities for America’s farmers, workers, and businesses as well as bolster economic reforms and foreign investment in Morocco,” said U.S. Trade Representative Robert B. Zoellick.
Morocco is an emerging market located near Europe, Africa, and the Mideast and imports about $11 billion worth of goods a year. The United States currently exports about $425 million worth of products to Morocco each year. Leading exports include aircraft, corn and machinery, and most recently, there has been a rise in exports of fabrics and pharmaceuticals to Morocco.
U.S. products entering Morocco currently face an average tariff of over 20 percent, while Moroccan products are subject to an average tariff of 4 percent in the United States.
This month the U.S. government has also started free-trade negotiations with the five nations of the South African customs union and five nations of Central America. In December and January, the United States completed free trade agreements with Chile and Singapore, which it expects to sign and forward to Congress later this year.