Morocco seeks to improve trade agreement with Turkey

Morocco wants to improve its trade balance with Turkey.

The Moroccan kingdom intends to review its trade agreement with the Eurasian country to reduce the existing 3 billion dollar deficit.

The aim is to push for increased Turkish investment to offset the growing trade deficit, which is largely driven by imports of Turkish textiles, according to sources consulted by Reuters.

Omar Hjira, a member of the Moroccan cabinet responsible for trade, will soon visit Turkey, Morocco's sixth largest trading partner, to discuss measures to mitigate the 3 billion dollar deficit, according to sources who attended a meeting with Hjira on Tuesday.

Initially signed in 2004, Morocco and Turkey introduced amendments to their free trade agreement five years ago, including a 90% tariff on Turkish imports of textiles and clothing to protect Moroccan manufacturers and jobs.

However, Moroccan companies continue to import large volumes of Turkish fabrics to meet the needs of the country's garment sector.

Morocco's overall trade deficit widened by 22.8% to 109 billion dirhams (12 billion dollars) in the first four months of this year, according to official data.

The deficit widened by 7% to reach 306 billion dirhams last year, with Morocco's deficit with Turkey the third largest after the United States and China.