US, Morocco launch free trade talks
The free trade agreement (FTA) would eliminate tariffs and other barriers to trade in goods, agriculture, services, and investment between the United States and Morocco.
"This FTA will promote the indispensable building blocks of a free society, such as respect for the rule of law, private property rights, competition, and the accountable institutions of governance," US Trade Representative Robert Zoellick said.
"And this US-Morocco FTA will send a powerful signal to the rest of the Muslim world that President (George W.) Bush is committed to supporting the development of open, prosperous societies in all regions of the world. Arabs and Muslims can, and must, be part of the widening circle of development, openness and opportunity," he told a news conference.
Both sides aim to wrap up a deal this year.
The United States exports an average 475 million dollars worth of products to Morocco each year, mostly aircraft, corn, and machinery.
US exports face an average tariff of more than 20 per cent, while Moroccan products are subject to an average tariff of four per cent as they enter the United States, the US Trade Representative said in a statement.
The start of the talks, overseen by Zoellick and Morocco's minister-delegate of foreign affairs and cooperation, Taib Fassi-Fihri, was welcomed by business leaders.
Comments