(Source : Reuters)
Morocco is planning to review its trade agreement with Turkey and push for more Turkish investment to offset an expanding trade deficit driven largely by Turkish fabric imports, two sources told Reuters.
Omar Hjira, the Moroccan cabinet member in charge of trade, will soon visit Turkey – Morocco’s sixth-biggest trading partner – to discuss measures aimed at mitigating the $3 billion deficit, the sources, who attended a meeting with Hjira, said on Tuesday.
They asked not to be named due to the sensitivity of the matter.
Morocco’s trade and industry ministry did not immediately respond to a Reuters request for comment.
Initially signed in 2004, Morocco and Turkey introduced amendments to their free trade deal five years ago, including a 90% tariff on Turkish textile and clothing imports to protect Moroccan manufacturers and jobs.
Moroccan companies still import large volumes of Turkish fabric, however, to meet the needs of the country’s apparel sector.
Morocco’s overall trade deficit widened 22.8% to 109 billion dirhams ($12 billion) in the first four months this year, according to official data.