Latest news with #OmarHjira
Morocco World
a day 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
a day 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.
Zawya
2 days ago
- Business
- Zawya
Morocco to review Turkey trade deal over expanding deficit, sources say
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 $3 billion 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. Moroccan companies still import large volumes of Turkish fabric, however, to meet the needs of the country's apparel sector. Morocco's overall trade deficit widened 22.8% to 109 billion dirhams ($12 billion) in the first four months this year, according to official data. The deficit expanded 7% to 306 billion dirhams last year, and Morocco's deficit with Turkey was its third-largest after the U.S. and China. (Reporting by Ahmed Eljechtimi; Editing by Joe Bavier)
Reuters
2 days ago
- Business
- Reuters
Morocco to review Turkey trade deal over expanding deficit, sources say
RABAT, June 18 (Reuters) - 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 $3 billion 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. Moroccan companies still import large volumes of Turkish fabric, however, to meet the needs of the country's apparel sector. Morocco's overall trade deficit widened 22.8% to 109 billion dirhams ($12 billion) in the first four months this year, according to official data. The deficit expanded 7% to 306 billion dirhams last year, and Morocco's deficit with Turkey was its third-largest after the U.S. and China.
Morocco World
3 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
