Canada, Morocco Talk Free Trade

Canada and Morocco have begun the first round of negotiations toward a first time free trade agreement (FTA).

The talks are due to last until October 14, and are being held in Ottawa. The discussions have been welcomed by Ed Fast, Minister of International Trade and Minister for the Asia-Pacific Gateway, and by Gerry Ritz, Minister of Agriculture and Agri-Food and Minister for the Canadian Wheat Board.

Fast noted that one in five Canadian jobs depend on trade, meaning that the government is "committed to protecting and strengthening the financial security of hard-working Canadians by deepening our trading relationships around the world".

He believes that a trade agreement with Morocco would help businesses in a range of sectors including manufacturing, agriculture, and services industries, creating jobs and prosperity. Ritz added that, in particular, the negotiations are important for Canadian farmers, with agricultural produce dominating the country's trade with Morocco.

In 2010, Canada-Morocco bilateral trade totalled CAD328.2m (USD321.5m). Morocco imported CAD186.9m in Canadian goods last year, and its economy is predicted to grow by 5% this year and next.

Fast concluded: “While Canada and Morocco already enjoy long-standing cultural and linguistic ties, closer economic ties will deepen this relationship and enhance trade and investment opportunities in both countries. I am particularly pleased that a free trade agreement with Morocco would be Canada’s first with an African country. Our government will continue its transparent and collaborative approach during the trade negotiations to ensure that any agreement reached is in the best interest of Canadians.”

Canada is also in discussions for FTAs with the European Union and India, and has concluded nine such deals in the past six years.

October 13, 2011

Source: Tax News