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Morocco to Review Trade Relations with Turkey

A woman walks along a street in Fez, Morocco (File photo: Reuters)
A woman walks along a street in Fez, Morocco (File photo: Reuters)
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Morocco to Review Trade Relations with Turkey

A woman walks along a street in Fez, Morocco (File photo: Reuters)
A woman walks along a street in Fez, Morocco (File photo: Reuters)

Morocco’s government intends to review its free trade agreement with Turkey, saying the Moroccan economy has lost $2 billion a year since the signing of the deal in 2004.

Turkish Trade Minister Ruhsar Pekcan will visit Morocco Wednesday alongside a Turkish business delegation to explore new business cooperation opportunities and meet a number of Moroccan ministers and officials.

Moroccan Minister of Industry, Trade and Green, and Digital Economy Moulay Hafid El-Alamy asserted that his country cannot keep the agreement with Turkey in its current form.

He threatened to terminate the agreement if no solutions were found.

Alamy was speaking at a meeting in the House of Representatives during a session on the “outcomes of the free trade agreements.”

The Moroccan minister revealed that he visited Turkey earlier to discuss the deal, and met his Turkish counterpart.

Alami also said Morocco has no problem with any country while stressing the priority to defend the national economy and the jobs that “we made a great effort to provide.”

The minister revealed that Morocco will review 56 free trade agreements, mainly the one signed with Turkey.

He pointed out that exports to the US increased by about 16 percent, to Arab countries by 13 percent, while they rose 12 percent with the UAE, and 23 percent with Turkey.

The Authenticity and Modernity Party (PAM) said the country is fighting companies that want to oversupply the Moroccan market with products.

The opposition party indicated that Turkish textile products entering Morocco created a huge problem for the industry and affected jobs.

Turkish exports to Morocco grew 16 percent during 2018 to reach $2.3 billion, while the volume of trade exchange between the two countries amounted to $3 billion last year.

Chairman of the Turkish-Moroccan Business Council Mehmet Buyukeksi told Anadolu Agency that Turkish businessmen have invested around $1 billion in Morocco, providing jobs for nearly 8,000 Moroccans.

Trade exchanges between Morocco and Turkey, since the free trade agreement went into effect in 2006, have reached $2.8 billion in 2018, compared to only $684 million in 2016.

Morocco's trade deficit with Turkey increased dramatically, moving from $456 million in 2006 to $1.66 billion in 2018, prompting the calls for reviewing the free trade agreement.

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Oil prices ticked up on Thursday after Israel and Lebanon’s Hezbollah traded accusations that their ceasefire had been violated, and as Israeli tanks fired on south Lebanon.

OPEC+ also delayed by a few days a meeting likely to extend production cuts.

Brent crude futures edged up by 30 cents, or 0.4%, to $73.13 a barrel by 1741 GMT. US West Texas Intermediate crude futures were up 23 cents, 0.3%, at $68.93. Trading was thin because of the US Thanksgiving holiday, Reuters reported.
Israel's military said the ceasefire was violated after what it called suspects, some in vehicles, arrived at several areas in the southern zone.
The deal, which took effect on Wednesday, was intended to allow people in both countries to start returning to homes in border areas shattered by 14 months of fighting.
The Middle East is one of the world's major oil-producing regions, and while the ongoing conflict has not so far not impacted supply it has been reflected in a risk premium for traders.
Elsewhere, OPEC+, comprising the Organization of the Petroleum Exporting Countries and allies including Russia, delayed its next policy meeting to Dec. 5 from Dec. 1 to avoid a conflict with another event.
Also supporting prices, OPEC+ sources have said there will again be discussion over another delay to an oil output increase scheduled for January.
"It's highly unlikely they are going to announce an increase production at this meeting," said Rory Johnston, analyst at Commodity Context.
The group pumps about half the world's oil but has maintained production cuts to support prices. It hopes to unwind those cuts, but weak global demand has forced it to delay the start of gradual increases.
A further delay has mostly been factored in to oil prices already, said Suvro Sarkar at DBS Bank. "The only question is whether it's a one-month pushback, or three, or even longer."
Depressing prices slightly, US gasoline stocks rose 3.3 million barrels in the week ending Nov. 22, the US Energy Information Administration said on Wednesday, countering expectations of a small draw in fuel stocks ahead of holiday travel.
Slowing fuel demand growth in top consumers China and the US has weighed on oil prices this year.