Latest news with #Hjira
Morocco World
2 days ago
- Business
- Morocco World
Morocco to Review Free Trade Agreement with Turkiye as Trade Deficit Soars
Marrakech – Morocco is planning to review its free trade agreement (FTA) with Turkiye and push for more Turkish investment to offset an expanding trade deficit driven largely by Turkish fabric imports, Reuters reported, citing two sources who attended a meeting with Omar Hjira, the Moroccan minister delegate in charge of trade. According to Reuters, among other news outlets, Hjira is set to visit Turkiye—Morocco's sixth-biggest trading partner—in the near future to discuss measures aimed at mitigating the MAD 30 billion ($3 billion) deficit. The sources, who asked to remain anonymous due to the sensitivity of the matter, revealed that the Moroccan government is keen on addressing the growing trade imbalance. The Morocco-Turkiye FTA, initially signed in 2004 and entered into force in 2006, underwent amendments five years ago, including the introduction of a 90% tariff on Turkish textile and clothing imports to protect Moroccan manufacturers and jobs. Despite these measures, Moroccan companies continue to import large volumes of Turkish fabric to meet the needs of the country's apparel sector, which caters to both the local market and exports. Morocco's overall trade deficit widened by 22.8% to MAD 109 billion ($10.9 billion) in the first four months of 2025, according to official data. In 2024, the deficit expanded by 7% to MAD 306 billion ($30.6 billion), with Morocco's deficit with Turkiye being the third-largest after the US and China. The upcoming discussions between Rabat and Ankara officials are expected to focus on three main areas. First, Morocco will seek better access for its products to the Turkish market, particularly in the fishing and agro-industry sectors. Second, the country will encourage Turkish companies operating in Morocco to increase their local sourcing, echoing a 2022 partnership with BIM Maroc, a Turkish retail chain, to increase the share of locally sourced agri-food products to 80% by 2025. Third, both sides will discuss revising the list of materials excluded from the FTA, with potential adjustments to products already targeted by trade defense measures, such as Turkish electric ovens, which are subject to a five-year definitive anti-dumping duty. These measures come as part of Morocco's broader strategy to review its free trade agreements. Prior to Turkiye, Egypt was the focus of bilateral discussions, with the Moroccan Ministry of Industry and Trade announcing a 'Fast Track' mechanism to facilitate the entry of Moroccan exports, especially in the automotive sector. The country seeks to draw lessons from a free trade model that, without proper balance and support, can undermine its industrial sectors.
TimesLIVE
2 days ago
- Business
- TimesLIVE
Morocco to review Turkish trade deal over expanding deficit, say sources
Morocco is planning to review its trade agreement with Turkey and push for more Turkish investment to offset an expanding trade deficit driven largely by Turkish fabric imports, two sources told Reuters. Omar Hjira, the Moroccan cabinet member in charge of trade, will soon visit Turkey — Morocco's sixth-biggest trading partner — to discuss measures aimed at mitigating the $3bn (R54.22bn) deficit, the sources, who attended a meeting with Hjira, said on Tuesday. They asked not to be named due to the sensitivity of the matter. Morocco's trade and industry ministry did not immediately respond to a Reuters request for comment. Initially signed in 2004, Morocco and Turkey introduced amendments to their free trade deal five years ago, including a 90% tariff on Turkish textile and clothing imports to protect Moroccan manufacturers and jobs.
Morocco World
4 days ago
- Business
- Morocco World
Morocco's ‘Moul Hanout': Government Urges Shopkeepers to Go Digital Amid Fierce Retail Competition
Rabat – Secretary of State to the Minister of Industry, Omar Hjira, has stressed the importance of urging small neighborhood shopkeepers to deploy digital options, including mobile and card transactions. 'Today, it is not allowed for merchants, including moul hanout, to tell a tourist that they don't accept or don't have an ATM system,' Hjira said on Monday in a parliament session. He backed his argument by citing online payments' contribution to Morocco's economy. 'In 2023, electronic payments in Morocco reached MAD 57 billion,' Hjira said, noting that the digitalization of payments could unlock an additional MAD 166 billion in transactions. The Moroccan official made his remarks while acknowledging the challenges that small shopkeepers face amid the expansion of giant retailers across Morocco. 'New solutions must be introduced to support moul hanout face this competition,' Hjira added, stressing that Morocco is hosting prestigious events that need vigilance and a good mobilization, including the 2030 World Cup. Hjira also emphasized the importance of small shops, not only because of their contribution to the local economy but also their fundamental part of Morocco's cultural identity. But he warned against the fierce competition that large retail chains are imposing on moul hanout. Moroccan MP Nadia Bzendfa echoed the official's remarks, stressing the vital role of Moroccan shopkeepers. She highlighted the support moul hanout continues to provide to vulnerable families, pointing out that these neighborhood shops often sell goods on credit and even lend cash to families in need. The MP also warned of the ongoing 'unfair' competition posed by retail chains, noting that these giants are now expanding into local neighborhoods, where shopkeepers were once the only source of goods and support for the community. In March, a new Mastercard-commissioned report said Africa's digital payments economy is projected to reach $1.5 trillion by 2030. Morocco has been witnessing a rapid trend in the use of digital payment options. Mastercard's Payment Index of 2022 shows that 75% of consumers in Morocco had used at least one emerging payment method in the year before, noting that 24% used a digital money transfer app, while 20% used a tappable smartphone mobile wallet. As little as 10% of consumers used a Buy Now Pay Later installment plan. Tags: bimMoroccan Economy
Ya Biladi
13-05-2025
- Automotive
- Ya Biladi
Moroccan government pledges to boost car exports to Egypt
The Moroccan government has pledged to significantly boost its exports to Egypt in the coming months. «They are expected to rise from the current 755 million dirhams to 5 billion dirhams by 2027», said Omar Hjira, Secretary of State in charge of Foreign Trade, during an oral questions session at the House of Representatives on Monday, May 12. Hjira also highlighted the growth of Moroccan car exports to the Egyptian market: «After exporting 400 vehicles per year, we are now at 3,000. We plan to reach 5,000 by the end of the year and 8,000 by 2026», he stated in response to a question from the RNI parliamentary group. He recalled that Minister of Trade and Industry Ryad Mezzour recently led a major Moroccan economic mission to Egypt in early May. The delegation, which included ministry officials and around forty investors, aimed to evaluate the free trade agreement signed with Cairo in 2004 under the Agadir Agreement. Hjira acknowledged that Moroccan exports to Egypt have declined in recent years, dropping from 2.6 billion dirhams in 2016 to just 755 million dirhams in 2024. In contrast, Egyptian exports to Morocco rose from 4 billion dirhams to 12.5 billion dirhams over the same period. This growing disparity has resulted in a significant trade deficit for Morocco. The 2004 Agadir Agreement seeks to establish a free trade zone among Arab countries, bringing together Egypt, Jordan, Lebanon, Morocco, Palestine, and Tunisia.
Ya Biladi
13-05-2025
- Automotive
- Ya Biladi
Moroccan government pledges to boost car exports to Egypt
The Moroccan government has pledged to significantly boost its exports to Egypt in the coming months. «They are expected to rise from the current 755 million dirhams to 5 billion dirhams by 2027», said Omar Hjira, Secretary of State in charge of Foreign Trade, during an oral questions session at the House of Representatives on Monday, May 12. Hjira also highlighted the growth of Moroccan car exports to the Egyptian market: «After exporting 400 vehicles per year, we are now at 3,000. We plan to reach 5,000 by the end of the year and 8,000 by 2026», he stated in response to a question from the RNI parliamentary group. He recalled that Minister of Trade and Industry Ryad Mezzour recently led a major Moroccan economic mission to Egypt in early May. The delegation, which included ministry officials and around forty investors, aimed to evaluate the free trade agreement signed with Cairo in 2004 under the Agadir Agreement. Hjira acknowledged that Moroccan exports to Egypt have declined in recent years, dropping from 2.6 billion dirhams in 2016 to just 755 million dirhams in 2024. In contrast, Egyptian exports to Morocco rose from 4 billion dirhams to 12.5 billion dirhams over the same period. This growing disparity has resulted in a significant trade deficit for Morocco. The 2004 Agadir Agreement seeks to establish a free trade zone among Arab countries, bringing together Egypt, Jordan, Lebanon, Morocco, Palestine, and Tunisia.
