USCIB Applauds Free Trade Agreement With Morocco
USCIB Applauds Free Trade Agreement With Morocco
USCIB Press Release: 3 March 2004
Completion adds to timeliness of upcoming ICC World Congress in Marrakesh
Washington, D.C., March 3, 2004 - The United States Council for International Business (USCIB) welcomed completion of a comprehensive U.S.-Morocco free trade agreement. It also said the accord’s impact would be discussed at an upcoming international business conference in Morocco.
“This is a far-reaching agreement that will help forge closer commercial ties with Morocco,” said USCIB Senior Vice President Timothy E. Deal. “Moreover, it will help lay the groundwork for more trade and investment with the Middle East and North Africa as a whole.”
Morocco will open its doors to American goods and services
U.S. Trade Representative Robert Zoellick and Taib Fassi-Fihri, Morocco’s minister-delegate for foreign affairs and cooperation, yesterday announced completion of the U.S.-Morocco FTA. Mr. Zoellick said that, when ratified by both nations, the agreement would immediately eliminate duties on more than 95 percent of bilateral trade in industrial and consumer products, with all remaining tariffs to be scrapped within nine years. He called it the best market access package of any U.S. free trade agreement with a developing country.
The U.S.-Morocco FTA is timely, since global business leaders will gather in the Moroccan city of Marrakesh in June for the International Chamber of Commerce’s 35th World Congress. With more than 8,000 member companies in over 140 countries, ICC is the largest, most representative private sector association in the world. USCIB serves as its American national committee.
USCIB said that the Morocco FTA’s comprehensive nature - including broad market access for all categories of goods, ambitious services liberalization, protection for intellectual property rights and commitments on foreign investment - met the high standards set by U.S. industry for such bilateral accords.
“It’s a top-notch agreement that raises the bar for future bilateral trade pacts,” stated Mr. Deal.
In a related development, the 30-nation Organization for Economic Cooperation and Development last month asked for business support in mobilizing investment in the Middle East and North Africa. USCIB members will provide input to this process through another overseas affiliate, the Business and Industry Advisory Committee to the OECD.
USCIB promotes an open system of global commerce. Its membership includes some 300 leading U.S. companies, professional services firms and associations whose combined annual revenues surpass $3 trillion. As American affiliate of the leading international business and employers organizations, USCIB provides business views to policy makers and regulatory authorities worldwide and works to facilitate international trade.
