On November 21, 2013, the Office of the United States Trade Representative (USTR) issued a press release announcing that a Trade Facilitation Agreement between the U.S. and Morocco was signed in an effort to modernize existing customs practices and to further strengthen the trade relationship between the two countries. The agreement builds on the United States-Morocco Free Trade Agreement (FTA), which was enacted in 2006.
According to the release, “Morocco is the first country in the region to conclude a bilateral trade facilitation agreement, as well as to endorse joint principles on investment and information communication technology services trade with the United States.”
The agreement covers the following provisions:
- Internet publication
- Transit
- Transparency with respect to penalties
The release also states that, since the enacting of the initial trade agreement, “the overall trade between the U.S. and Morocco has increased more than 300 percent, with U.S. exports up more than 350 percent and Moroccan exports to the United States more than doubling. U.S. foreign direct investment (FDI) in Morocco has quadrupled over the same period, amounting to $613 million in stock investment in 2012.”
The press release can be accessed here
