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Morocco: A Strategic Investment Destination Fueled by Free Trade Agreements with the U.S. and Europe
The United States Ambassador to Morocco, Bonnet Talwar, has highlighted the significance of Morocco's free trade agreements with Europe and the United States, positioning the country as a vital bridge between continents and an attractive destination for foreign investment. During a statement made to the American platform "Prosper Africa," which aims to boost investments between the U.S. and Africa, Talwar noted that Morocco has emerged as a stronghold for companies seeking to expand their presence in Africa, particularly in sub-Saharan nations.
Talwar emphasized Morocco's strategic location at the crossroads of Africa, Europe, and the Americas, stating that its free trade agreements with both Europe and the United States enhance its appeal to foreign enterprises. He pointed out that Morocco is the only African nation to have signed a free trade agreement with the United States.
In recent years, Morocco has attracted significant foreign investment from companies eager to benefit from these trade agreements, particularly from Chinese firms specializing in electric vehicle manufacturing. This interest has intensified following increased tariffs imposed by Brussels and Washington on Chinese electric vehicle exports.
Regarding the free trade agreement with the United States, Morocco is actively working to reduce its trade deficit with Washington, which currently stands at approximately $2 billion. The agreement, which has been in effect since 2006, is seen as a crucial tool for enhancing Morocco's export capabilities.
Recently, Moroccan Minister of Industry and Trade Ryad Mezzour expressed the country's desire to leverage this agreement further to boost exports, especially agricultural products, to U.S. markets. During a meeting of the joint committee monitoring the free trade agreement in Washington earlier this week, Mezzour stated that Moroccan agricultural products have not yet met their potential in U.S. markets. He emphasized the need to access markets for processed poultry and fresh fruits and vegetables.
Mezzour also discussed priority issues related to facilitating Moroccan products' entry into U.S. markets and vice versa, addressing non-tariff barriers that hinder trade.
Morocco aims to narrow its trade deficit with the United States by increasing agricultural exports primarily while also focusing on sectors like textiles and automotive manufacturing, despite facing stiff competition from Asian countries due to their competitive pricing.
According to statistics from the U.S. Commercial Office, U.S. exports to Morocco reached $3.8 billion in 2023, marking an increase of $34 million from 2022. The figures indicate that the trade deficit between Morocco and the United States is $2 billion in favor of the latter. In 2022, U.S. exports to Morocco amounted to $3.7 billion while Moroccan exports to the U.S. totaled $1.7 billion, underscoring a significant imbalance in trade relations.