US to negotiate free trade agreement with Morocco
The United States will work to enact a free trade agreement (FTA) with Morocco, US President George W Bush announced following the visit of Morocco’s King Mohammed to Washington. Following congressional approval, the FTA would phase out tariffs on Moroccan goods and award American exports preferential treatment in the North African state.
Rewarding the Arab nation for lending its help to fight terrorism, Bush stated that it is in America’s best interest to enact an FTA with Morocco. The US also sees Morocco as a potential partner in brokering peace in the Middle East. The US has so far signed only four such FTAs, with key allies Canada, Mexico, Israel and Jordan. FTA negotiations are currently held with Chile and Singapore.
The United States conducts close to one billion dollar trade with Morocco annually. US exports to Morocco totaled $286.1 million in 2001, mainly machinery, transport equipment, food and livestock. Moroccan exports to the US amounted to $434.6 million that year. — (menareport.com)
© 2002 Mena Report (www.menareport.com)