The pan-Euro-Mediterranean system allows for diagonal cumulation (i.e. Total trade in goods between the EU and Morocco in 2017 amounted to €37,4 billion. The Caisse de dépôt et de gestion forecasts that if imports continue to rise faster than exports, the disparity could reach 21% of GDP. Please update this article to reflect recent events or newly available information. Saving face is important to Moroccans and they respond much better to the soft sell with indirect communications. Morocco's trade with the African countries has jumped from $533 million in 1998 to around $3 billion in 2008, up 460%. FDI stock reached USD 66 billion in 2019, a rise of more than USD 20 billion when compared to 2010 level. U.S. exports to Morocco grew 19% in 2010, with the sectors of waste and scrap, apparel manufactures, food manufactures, electrical equipment and appliances, and nonmetallic mineral products growing the fastest. The United States-Morocco FTA is a comprehensive agreement that supports the significant economic and political reforms that are underway in Morocco and provides for improved commercial opportunities for U.S. exports to Morocco by reducing and eliminating trade barriers. France is Morocco's largest trading partner, followed by Spain. Cars spearheaded exports in 2018 (12.2%), followed by enamelled or anodised wire, fertilizers, suits, travel, transportation and business services. The Kingdom has signed bilateral Free Trade Agreements with regional groupings such as … Overview About International Trade in Morocco. Morocco is looking to expand its textile markets outside the EU due to strong competition after the EU abolished quotas for Asian textiles in January 2005. Grains, fruits and vegetables are the country's main crops. Morocco signed in 1996 an agreement of association with the European Union which came into effect in 2000. Morocco’s Free Trade Agreement (FTA) with the United States entered into force in 2006. In 2008, Morocco exported $15 billion of goods and services while … Thanks to the richness of Morocco's soil, the agricultural sector is dominant, employing almost half of the active population and contributing around 20% to the GDP. Morocco has emerged as a major cheap-labour platform for European manufacturers, as well as a commercial trans-shipment point for goods from all around the world passing through the Straits of Gibraltar. In 2006, Moroccan-US trade was up 44% over 2005. [3], As part of its economic liberalization policy, Morocco has concluded free trade agreements with GCC countries, thereby lining Morocco with 1 of the largest free trade networks in the world and giving it duty-free access to a huge market.[4]. Morocco in world trade. Morocco is the EU’s 22nd trading partner representing 1,0% of the EU’s total trade with the world. Morocco Trade Last Previous Highest Lowest Unit; Balance of Trade -8582.00-8570.00 … This agreement, which lies within the scope of the Barcelona Process (Euro-Mediterranean partnership) started in 1995 and envisages the progressive implementation of a free trade area planned for 2012. Morocco imports crude petroleum, textile fabric, telecommunications equipment, wheat, gas and electricity, … The Morocco Free Trade Agreement (MAFTA) went into effect on January 1, 2006. Morocco main exports partners are European Union countries with Spain, France and Italy being the most important. Two-way trade in services amounted to €8,8 billion in 2016 with EU imports of services representing €5,2 billion and exports €3,6 billion. Morocco exported Ignition wiring sets&oth wiring sets of a kind, worth US$ 1,916,019.26 million. Trade . This committed all parties to removing all tariffs on trade between them and to harmonizing their legislation with regard to standards and customs procedures. "Sino-Moroccan relations have all along developed soundly and stably with friendly cooperation deepening continuously in all fields, thanks to the joint efforts by the leaders and peoples of the 2 countries, no matter how international situation changes,"Wu Bangguo, chairman of the Standing Committee of the Chinese National People's Congress, said during his meeting with Abdeloughed Radi, president of Morocco's Chamber of Representatives, in 2005. The Free Trade Area established under the EU-Morocco Association Agreement provides for: The EU and Morocco concluded negotiations for an Agreement on Geographical Indications in January 2015:  respective procedures for adopting this Agreement are now underway. The DCFTA will build on the existing EU-Morocco Association Agreement which entered into force in 2000 and created a Free Trade Area between the EU and Morocco. The EU is Morocco's largest trading partner, accounting for 59,4% of its trade in 2017. Accompanied by 70 top French business executives, Sarkozy confirmed several billion dollars' worth of contracts for French firms in Morocco. Morocco is one of the partners of the Euro-Mediterranean Partnership (Euromed). More information on the Agadir Agreement. Under their Association Agreement which entered into force in March 2000, the EU and Morocco established a Free Trade Area liberalising two-way trade in goods. Morocco is the largest recipient of EU funds in the framework of the European Neighbourhood Policy. The U.S. - Morocco FTA is comprehensive and includes chapters detailing commitment on intellectual property rights, labor, and environmental protection. Morocco's merchandise exports comprise three main groups of products which account for about 80 per cent of the country's merchandise export earnings: agricultural produce and seafood, textiles and clothing, and phosphate and phosphate derivatives. Morocco was the 2nd African country to establish diplomatic ties with China since the founding of the People's Republic in 1949. Financial assistance is provided by the European Neighbourhood Instrument (ENI), which provides funds for neighbouring countries based on mutually agreed policy objectives and priorities. These individual origin protocols are being progressively replaced by a reference to the Regional Convention on pan-Euro-Mediterranean preferential rules of origin (PEM Convention), which was established in 2011 to provide a more unified framework for origin protocols. Negotiations for a Deep and Comprehensive Free Trade Area (DCFTA) between the EU and Morocco were launched on 1 March 2013. Trade in Goods. However, according to UNCTAD's World Investment Report 2020, FDI flows to Morocco decreased by 55% to USD 1,6 billion in 2019. France is Morocco’s largest trading partner for both imports and exports, controlling more than 60% of foreign direct investment in Morocco. The UK-Morocco agreement covers: 1. trade in goods and services, including provisions on rules of origin, preferential tariffs and quotas 2. intellectual property 3. sanitary and phytosanitary measures 4. government procurement It replicates wider elements of the EU-Morocco agreement such as provisions on political dialogue and ot… Cars spearheaded exports in 2018 (12.2%), followed by enamelled or anodised wire, fertilizers, suits, travel, transportation and business services. Oil products accounted for the largest share of imports, followed by automobile, gas, cable and wires, tractors, transportation and travel. More information on EU support is available on the site of the Directorate General for Neighbourhood and Enlargement Negotiations: tariff-free two-way trade of industrial products, together with a selective liberalisation of trade in agricultural, agro-food and fisheries products, rules and disciplines on non-tariff based trade measures, a general right to establish businesses and provide services in the other territory, common rules on competition and intellectual property, Rules and requirements for trading with Morocco. Foreign Trade Minister Abdellatif Maâzouz said earlier in September that members of the government have agreed to a plan focused on four major areas: a concerted export development strategy, the regulation of imports, market and economic monitoring, and the adaptation of regulations and working practices. If seen as a single entity, the EU is by far Morocco's largest trading partner. Nothing marked results in bilateral cooperation such as in traditional fields like fisheries, agriculture, health and engineering projects. The top imports of Morocco are Refined Petroleum ($4.53B), Cars ($2.24B), Petroleum Gas ($1.5B), Vehicle Parts ($1.23B), and Coal Briquettes ($1.19B). Unless otherwise mentioned “EU” concerns for all indicated years the current European Union of 27 Member States. More information on the Euro-Mediterranean partnership. The top five exported HS 6 digit level products to world by Morocco along with trade value are: Morocco exported Automobiles with reciprocating piston engine di, worth US$ 2,108,423.52 million. They have subsequently developed the FTA further through an agreement on trade in agricultural, agro-food and fisheries products and a protocol establishing a bilateral dispute settlement mechanism both of which entered into force in 2012. This agreement is the only U.S. FTA on the continent of Africa. 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