Turkey has agreed to review the free trade deal it has with Morocco, Moulay Hafid Elalamy (pictured), the Moroccan Trade Minister announced on February 10.
Signed in 2004, the deal aimed at giving Moroccan companies duty-free customs access to the Turkish market and in return, Turkish goods will benefit from a gradual reduction in customs duties on the Moroccan market. The agreement covered textiles, steel, and household appliances.
However, Morocco was struggling to achieve the objective due to red tape, and laws hampering the entry of Moroccan products into the Turkish market. In 2018, the African nation recorded a trade deficit of MAD18 billion (about $ 1.8 billion) in its trade relations 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.
Morocco thus took a series of defensive trade measures, one of which (concerning hot-rolled steel imported from Turkey) was submitted before the World Trade Organization (WTO) in August 2018. Talks for trade deal revisions were engaged on January 15, 2020.
André Chadrak
• UAC of Nigeria acquired CHI Limited, known for Chivita juices and Hollandia dairy, from Coca-Cola ...
Senegal’s attempt to diversify its fuel supply by turning to Nigerian crude is bumping up against ha...
• AfDB chief Sidi Ould Tah met BOAD president Serge Ekué in Abidjan on Aug. 30.• Talks focused on jo...
• Nestlé, NGOs urge against delay, propose grace period instead• EU cites technical hurdles, trading...
Côte d’Ivoire traced 40% of cocoa for 2024/25 season Most cocoa remains untracked due to info...
The country is negotiating to ease the 30% tariffs imposed by Washington in August. The U.S. is South Africa’s second-largest trade partner...
Verity now holds 100% of a 1,800 km² copper asset portfolio in Botswana. The company acquired BCL Investments’ 66% stake...
Copper prices hit $10,775/t, their highest since May 2024, driven by a weak dollar and recent mining disruptions. UBS expects tight supply to...
French infrastructure fund STOA has made a $27 million equity investment in Atlas Tower Kenya (ATK) to fund the company's expansion and a...
African countries prepare to celebrate Intangible Cultural Heritage Day Planned events spotlight traditions, rituals, and cultural...
The Cape Floral Region is one of the world’s biodiversity hotspots and a source of ecological pride for South Africa. Located in the southwestern part of...