With the effective establishment of the African Continental Free Trade Area (AfCFTA), trade between Morocco and Africa, which currently account for 5.4% of commercial transactions, could triple in the long term, according to the Moroccan Center of Conjuncture (CMC).
The launch of the AfCFTA after long negotiations reflects the desire to foster the continent’s economic integration, says the CMC in its monthly publication “Maroc Conjoncture” devoted to Moroccan companies issues and risks.
Morocco, through the many initiatives it launched in its sub-Saharan neighborhood, has been a forerunner in this new dynamic and is hoping to see the emergence of new poles of growth and prosperity, profitable for all the countries of the continent, says the CMC.
The establishment of this zone will contribute to the consolidation of Morocco’s competitive advantages to penetrate the African markets at competitive prices because of the elimination of customs barriers and supply of raw materials at lower prices, estimates the CMC.
Morocco signed on March 20 this year the agreement launching the AfCFTA, the largest free trade area created since the formation of the World Trade Organization. The signing took place on the sidelines of the Kigali extraordinary summit on the Continental Free Trade Area.
In a speech addressed to the summit, King Mohammed VI had described the signing of the agreement as a defining moment in history and a landmark event, which attests to African States’ shared determination to build an Africa for the future.
This initiative by Africa, for Africa, is a critical step towards the achievement of multifaceted development in Africa, and a pragmatic step towards an integrated, prosperous Africa, which is attuned to international realities, the Monarch had said.