Moroccan trade

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Moroccan trade is still dominated by its main basics of import and export partner France, although France's share in Moroccan trade is declining, in favour of the US, the Gulf Region and China. If seen as a single entity, the EU is by far Morocco's largest trading partner.


In recent years, Morocco has reduced its dependence on phosphate exports, emerging as an exporter of manufactured and agricultural products, and as a growing tourism destination. However, its competitiveness in basic manufactured goods, such as textiles, is hampered by low labour productivity and high wages. Morocco is dependent on imported fuel and its food import requirement can rise substantially in drought years, as in 2007. Although Morocco runs a structural trade deficit, this is typically offset by substantial services earnings from tourism and large remittance inflows from the diaspora, and the country normally runs a small current-account surplus.


Morocco signed in 1996 an agreement of association with the European Union which came into effect in 2000. This agreement, which lies within the scope of the Barcelona Process (Euro-Mediterranean partnership) started in 1995 and envisages the progressive implementation of a free trade area planned for 2012.



References:

1.http://en.wikipedia.org/wiki/Trade_in_Morocco



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