Morocco, only country in Africa having FTA with USA, State Department Report
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Loading... - Joyah Leong
- 01 Aug 2022
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Morocco is the only country on the African continent with a Free Trade Agreement (FTA) with the United States, eliminating tariffs on more than 95 percent of qualifying consumer and industrial goods, says the 2022 U.S. Investment Climate Statements issued by the State Department.
The North African Kingdom is planning to phase out tariffs for some products through 2030. The FTA supports Morocco’s goals to develop as a regional financial and trade hub, providing opportunities for the localization of services and the finishing and re-export of goods to markets in Africa, Europe, and the Middle East, says the report.
Since the U.S.-Morocco FTA came into effect, bilateral trade in goods has grown nearly five-fold, adds the document which provides investors with data on business climates of more than 160 countries and economies.
The U.S. and Moroccan governments work closely to increase trade and investment through high-level consultations, bilateral dialogue, and other forums to inform U.S. businesses of investment opportunities and strengthen business-to-business ties, says the report prepared by economic officers stationed in U.S. embassies around the world.
Morocco, located at the confluence of Europe, Sub-Saharan Africa, and the Middle East, seeks to transform itself into a regional business hub by leveraging its geographically strategic location, political stability, and world-class infrastructure to expand as a regional manufacturing and export base for international companies, affirms the U.S. report.
Morocco actively encourages and facilitates foreign investment, particularly in export sectors like manufacturing, through positive macro-economic policies, trade liberalization, investment incentives, and structural reforms, underlines the document.
It also informs investors about the strategies implemented by Morocco to boost employment, attract foreign investment and improve the performance and output in key revenue-earning sectors, with an emphasis placed on value-added industries such as renewables, automotive, aerospace, textile, pharmaceuticals, outsourcing and agro-food. Read More...
