Morocco Loses up to $2 Billion in Trade Imbalance with Turkey
Morocco’s trade minister Moulay Hafid Elalamy reiterated the need for a review of the trade agreement with Turkey whose imbalances cost Morocco $2 billion annually.
Speaking to MPs, Elalamy said that Morocco may scrap the deal if no agreement is reached to redress the dysfunctions.
While praising the benefits of the free trade deals signed by Morocco notably in terms of promoting exports and the industrial fabric, the minister said that the 56 FTAs signed by the country are currently under a thorough review.
Turkish trade minister is expected to visit Morocco to discuss the issue with Moroccan officials.
Elalamy had previously complained to Turkish officials, during a visit to Istanbul, about the loss incurred by Moroccan operators.
Complaints by Morocco’s textile and retail enterprises have repetitively asked the government in recent months to reconsider its FTAs especially with Turkey.