EU and Morocco begin trade talks
Trade representatives from the European Union and Morocco have begun talks to upgrade a trade agreement, the European Commission said Monday.
The agreement allows for tariff-free trade for many products.
Negotiators are meeting in Morocco's capital, Rabat, to
deepen existing trade relations in a host of areas not yet covered by the existing agreement, the commission said.
The goal is to establish a
deep and comprehensive free-trade area that makes trade simpler, protects intellectual property rights, allows for fair competition and upholds environmental and social standards, the commission said.
The EU is Morocco's largest trading partner, accounting for about 50 percent of its international business. Trade in goods between the two reached $33.8 billion in 2012. Trade in services was valued for the year at $9.1 billion.
The European Commission said it has a
green light to seek similar free-trade agreements with Egypt, Jordan and Tunisia.
- Frozen: Arab Spring economies barely trading with one another
- China-Pakistan economic corridor: a game-changer for the Middle East?
- Suspended tax transfers pushed Palestinian economy to the brink
- Egypt passed the economic conference with flying colours, but what's next?
- Why the GCC really needs a VAT tax