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
• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...
In a West African financial landscape marked by tighter regulation of the fintech sector, digital fi...
• BOAD releases CFA10 billion ($17.8 million) to support Boungou and Wahgnion gold mines.• Burkina F...
Transport and food prices have been climbing steadily across Africa in recent years. In Côte d’Ivoir...
• Burkina Faso-based financial group, Vista Group Holding, has acquired a majority stake in Société ...
• Algeria grants commercial 5G licenses to top three telecom operators: Mobilis, Djezzy, and Ooredoo • License award comes on stream as part of the...
• The International Monetary Fund (IMF) has authorized a $262.3 million disbursement for Ethiopia, taking total payments under Extended Credit...
• ECOWAS Bank funds 47.7-km stretch of strategic 700-km road project• Lagos-Calabar highway seen boosting regional trade and investment• Part of broader...
• IFAD initiates a program worth $358.26 million to bolster dairy sector in Kenya, Rwanda, Tanzania, and Uganda • The program, called DaIMA, aims...
The Gerewol tradition is a fascinating ritual celebrated by the Bororo Fulani, a nomadic community primarily located in Chad and Niger. This annual...
In northern Ethiopia, in the Tigray region, lies Axum (also spelled Aksum), an ancient city that once stood at the heart of one of Africa’s most powerful...