Rabat – Morocco’s Minister of Industry and Trade Ryad Mezzour revealed that the negotiations between Morocco and Egypt around their free trade deal have resulted in an agreement.
The minister announced the news during a parliamentary session while answering a written question from representatives of the Party of Progress and Socialism.
Under the Agadir agreement, which establishes free trade between Morocco and several of its neighbors, Renault cars manufactured in Tangier will now be able to enter the Egyptian market without paying any custom fees.
The Moroccan Institute for Normalization (IMANOR) will be responsible for certifying and ensuring that Moroccan factories and Moroccan-produced goods adhere to various international standards.
Egypt has agreed to use IMANOR’s standards and let its approved products into its markets, Mezzour added.
Morocco’s free trade agreements with various countries around the world have given the country’s economy a boost through encouraging foreign investments, he added.
Foreign investments in Morocco have been seeing a steady increase, recording over MAD 350 billion ($38 billion) in investments between 2011 and 2020, compared to MAD 249 billion ($27 billion) in the preceding decade.
Morocco’s free trade agreements with other countries have also been a topic of controversy, however.
The agreement with Turkey recently came under fire as Turkish exports and companies were accused of hurting local Moroccan industries and markets.
Amid the outcry, the Moroccan Ministry of Industry and Trade has said that it is currently researching the effects of such agreements on the domestic economic landscape and looking into potential solutions in case a link is proven.
Morocco previously revised the agreement with Turkey and put into effect a new one in 2020, in response to indications that the initial deal was not beneficial to Morocco.
Meanwhile, other agreements such as the one Morocco has with the US have received praise from both parties, as numerous workers and businesses have been able to benefit from the extended reach that such agreements can give.