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Cabinet officials

Egypt and Morocco Seek Balanced Trade Relationship Amidst Growing Bilateral Cooperation

Strategic Insights

— 2 min read

Egyptian Minister of Investment and Foreign Trade Hassan Al-Khatib and Moroccan Secretary of State for Foreign Trade Omar Hejira met on the sidelines of the 17th Ministerial Meeting of the African Continental Free Trade Area (AfCFTA) to discuss ways of facilitating investment and easing access to each other's markets. The talks marked a new chapter in the bilateral relations between the two countries, with Al-Khatib noting that the distinguished relations between President Abdel Fattah el-Sisi and King Mohammed VI will pave the way for improved trade flows.

Key Takeaways:

  • Egypt and Morocco aim to achieve a more balanced trade relationship, with both countries recognizing the need for sustainable trade partnerships that go beyond short-term deals.
  • The two countries have been strong advocates of the AfCFTA, seeing it as a tool to diversify their economies and build stronger inter-regional value chains.
  • Egypt and Morocco have set concrete steps for improving trade flows, including the upcoming Joint Trade Committee meeting in Marrakech, which is expected to facilitate access for Moroccan goods and exports to Egyptian markets.
  • Morocco has been working to boost its exports to Egypt, with targets set to rise from MAD 755 million ($75 million) to MAD 5 billion ($500 million) over the next three years.
  • The emphasis on a balanced trade relationship reflects longstanding concerns about asymmetries in imports and exports, with Morocco often recording deficits in its trade with Egypt.
  • Both countries are seeking to strengthen their roles as regional hubs within the framework of the AfCFTA, positioning themselves as key partners in advancing South-South cooperation.

Statistics:

  • Egypt and Morocco aim to boost trade flows, with targets set to rise from MAD 755 million ($75 million) to MAD 5 billion ($500 million) over the next three years.
  • Morocco's trade deficit with Egypt still exists, with the country recording deficits in its trade with Egypt in past years.
  • The African Continental Free Trade Area (AfCFTA) is a landmark agreement designed to create a single continental market of more than 1.3 billion people.

Sources:

  • Hassan Al-Khatib, Egyptian Minister of Investment and Foreign Trade
  • Omar Hejira, Moroccan Secretary of State for Foreign Trade
  • The 17th Ministerial Meeting of the African Continental Free Trade Area (AfCFTA)
  • Ministry of Foreign Affairs of the Kingdom of Morocco
  • Ministry of Trade and Industry of Egypt
  • The Cairo Post, "Egypt and Morocco Seek Balanced Trade Relationship"
  • Africa Business Communities, "Egypt and Morocco launch South-South trade mission"
  • The North Africa Post, "King Mohammed VI reaffirms Morocco's commitment to South-South cooperation"

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