Morocco triples trade with US to $2.5b in decade

Bilateral trade between Morocco and the United States has tripled in the last decade, reaching over 2.5 billion U.S. dollars, local media reported on Friday.

The Moroccan financial daily L'Economiste revealed that bilateral trade turnover stood at only 79 million U.S. dollars in 2005, linking its growth to the bilateral Free Trade Agreement which was entered into force in 2006.

The source pointed out that the state of Texas remains the top exporter of U.S. products to Morocco with 51 million U.S. dollars in 2015, followed by California and Washington.

According to the same source, Oil, aeronautics and the auto parts dominated U.S. exports to Morocco, while agricultural products and fertilizers topped Morocco's exports to the U.S.

Morocco and the United States signed an FTA on June 15, 2004. The Agreement entered into force on January 1, 2006.

The United States-Morocco FTA is a comprehensive agreement that supports the significant economic and political reforms that are underway in Morocco and provides for improved commercial opportunities for U.S. exports to Morocco by reducing and eliminating trade barriers.

Source : XINHUA