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Morocco to revise FTA with Turkey
15 Feb '20
1 min read
Pic: Shutterstock
Turkey has agreed to review its free trade agreement (FTA) with Morocco, the latter’s trade minister Moulay Hafid Elalamy announced recently. Signed in 2004, the agreement aimed at giving Moroccan companies duty-free customs access to the Turkish market and in return, Turkish goods would benefit from a gradual reduction in customs duties in the Moroccan market.
The agreement covered textiles, steel and household appliances.
However, Morocco has been struggling to achieve the objective due to red tape and laws hampering the entry of Moroccan products into the Turkish market, according to a news agency report.
In 2018, Morocco recorded a trade deficit of MAD18 billion (about $1.8 billion) with Turkey. The textile sector has suffered a heavy loss with the number of job losses growing from 19,000 in 2014 to 44,000 in 2017.
The agreement covered textiles, steel and household appliances.
However, Morocco has been struggling to achieve the objective due to red tape and laws hampering the entry of Moroccan products into the Turkish market, according to a news agency report.
In 2018, Morocco recorded a trade deficit of MAD18 billion (about $1.8 billion) with Turkey. The textile sector has suffered a heavy loss with the number of job losses growing from 19,000 in 2014 to 44,000 in 2017.
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