US president George W. Bush signed Tuesday the implementation act of the Morocco-US free trade agreement, signed by the two sides on June 15.
The FTA, approved by the US congress and House of Representatives bythe end of last month, “will help create jobs and new opportunities for Americans by deepening our trade ties with an important friend in the Arab world”, said White House spokesman, Scott McClellan, in a press release.
He added that “Morocco's leadership has been steadfast in its support for economic and political liberalization”, stressing that it will promote “an ever-widening circle of free trade that will help integrate the Middle East region into the global trading system.”
The Morocco-US FTA is the first agreement of its kind concluded by the USA with an African country and the second one with an Arab country, after Jordan.
Morocco's King Mohammed VI and President Bush agreed to negotiate a Free Trade Agreement in April 2002 during a visit of the Moroccan monarch to Washington.
The U.S.-Morocco FTA will immediately eliminate tariffs on more than 95 percent of bilateral trade in consumer and industrial products. According to MAP, all remaining tariffs on these goods are to be eliminated within nine years - the best market access package of any U.S. free trade agreement with a developing country signed to date. The agreement also significantly reduces barriers to agricultural products and services. (menareport.com)
© 2004 Mena Report (www.menareport.com)
