By expanding its multilateral commitments in the services sector, which account for 60 percent of real gross domestic product (GDP), Morocco could reinforce the predictability of its trade regime, make its economy more attractive for foreign capital, and consolidate reforms in areas such as tourism and others in which the country has comparative advantages, said a World Trade Organization (WTO) report.
The report also says that liberalization of the agricultural sector and simplification of customs tariffs would improve economic efficiency and enhance Morocco’s adherence to the principles of the WTO. Such reforms could include the abolition of variable duties and the reduction of the number and levels of tariff rates. This would somewhat simplify Morocco’s trade regime, further complicated by membership of several overlapping trade agreements.
A relatively diversified economy and sound macroeconomic policy have helped Morocco to contain the negative effects of recurrent droughts and have contributed to the stabilization of its currency, according to a report on the trade policies and practices of Morocco released June 18 by the WTO Secretariat.
The WTO report, along with the policy statement by the Government of Morocco, served as a basis for the third Trade Policy Review (TPR) of Morocco by the Trade Policy Review Body of the WTO from June 16-18. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
