Morocco Seeks Solutions to Balance Trade with Turkey

Morocco plans to revise its trade agreement with Turkey, seeking increased Turkish investments to balance a significant trade deficit caused by Turkish fabric imports. Trade official Omar Hjira will visit Turkey to discuss reducing the $3 billion deficit. Morocco's trade deficit grew by 22.8% this year.

Morocco is taking proactive steps to address its growing trade imbalance with Turkey. To mitigate the expanding deficit, driven predominantly by significant fabric imports from Turkey, the North African nation is looking to review its trade agreement with its sixth-largest trading partner.

Omar Hjira, responsible for trade within the Moroccan cabinet, is set to visit Turkey to deliberate on strategies for reducing the current $3 billion deficit. The visit underscores Morocco's intention to encourage more Turkish investments to help offset the trade imbalance.

The trade agreement between Morocco and Turkey, originally signed in 2004, was amended five years ago to include a 90% tariff on Turkish textile imports, aimed at protecting domestic manufacturers. Despite these measures, Turkish fabrics continue to be imported in large volumes to support Morocco's apparel industry, contributing to the nation's broader trade deficit, which increased 22.8% in the first four months of this year.

(With inputs from agencies.)