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Bilateral Trade Between US, Morocco Increased Fivefold Since 2005

There are currently approximately 150 US companies operating in Morocco, which was facilitated by the Free Trade Agreement enacted in 2006.
Trade between Morocco and the US has grown over five times since 2005, a year prior to the enactment of the joint Free Trade Agreement (FTA).

The agreement, which was signed in 2004 and enacted on January 1, 2006, aims to increase trade and grow investment opportunities between Morocco and the US. Since the FTA’s inception, bilateral trade between the two countries has increased fivefold, reaching $5 billion (MAD 44.1 billion) in 2019, said David Greene, Charge d'Affaires of the US Embassy in Morocco.

Speaking at the celebration of the 15th anniversary of the Morocco-US Free Trade Agreement on June 7 in Casablanca, Greene highlighted that the agreement has facilitated the creation of thousands of jobs and promoted the economic development of both the US and Morocco.

Today there are approximately 150 US companies operating in Morocco, according to Greene, who added that “this investment has supported the development of strategic industry, which has allowed Morocco to place itself in the global supply chain, in advanced and complex markets.”

In 2019, the US imported $3 trillion (MAD 26.5 trillion) worth of goods and services from around the world,  

With “the right orientation and dedication,” Greene said, Moroccan companies could turn the FTA to their advantage, growing their presence amidst US imports. In 2019, US imports totaled $3 trillion (MAD 26.5 trillion) worth of goods and services from around the world, Greene noted. 

While bilateral goods trade between the two countries stood at $925 million (MAD 8.2 billion) in 2005, it had grown over five times by 2019, reaching $5 billion (MAD 44.1 billion).

Overall, in 2019, the total goods and services trade between the two countries reached an estimated $6.6 billion (MAD 58.2 billion). Of these, US exports to Morocco were  $4.3 billion (MAD ) and imports were $2.3 billion (MAD 20.3 billion), according to the Office of US Trade Representative. Morocco is currently the US'  63rd largest goods trading partner. 

 

source: moroccoworldnews

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