“Negotiations on free trade agreements have already begun with Morocco, Tunisia, Egypt, and Algeria,” announced Anton Kobyakov, an advisor to the Russian President, during a press conference at the Russian-African partnership forum.
This raises questions about whether Morocco is really on the verge of formally signing a free trade agreement with Russia.
It’s worth mentioning that Morocco and Russia have seen a surge in economic ties in recent years, especially in sectors like fuel, wheat, seafood, and agricultural products. This growth coincides with an existing agreement that permits Russian fishing vessels to operate in Moroccan Atlantic waters.
“In general, a free trade agreement or a bilateral economic partnership between Morocco and Russia would be of great importance to the Kingdom, especially as it looks to diversify its economic partners,” commented economic expert Mohamed Jedri, in a statement to Hespress Ar.
He added that “Morocco has already signed several free trade agreements with Tunisia, Egypt, Turkey, and the United States, as well as strengthened ties with European Union countries.”
Jedari emphasized that “if this plan is realized, it would significantly benefit Morocco’s economy. It would stimulate exports, imports, and overall economic activity, while also strengthening Morocco’s bargaining power in negotiations concerning energy security and the export of its seafood and agricultural products.”
The expert further observed that “if materialized, the agreement could pave the way for Russian investments and investors interested in Africa. Morocco, with its political and security stability and favorable legislation like the new investment charter, is well-positioned to capitalize on this. However, it’s crucial to ensure a mutually beneficial arrangement with Russia that protects Morocco’s interests and avoids harming local industries.”
For his part, economic analyst Rachid Sari described this move as significant, noting that North African countries, along with South Africa, account for about 70% of Russia’s exports to Africa, signaling Russia’s growing interest in the region.
However, the expert explained that the overall trade volume is still significantly smaller compared to Africa’s trade with China, the EU, or the United States.
Sari argued that “Morocco needs Russia in this context, and Moscow also needs the kingdom. The war with Ukraine has led Russia to lose several European partners, forcing it to seek new markets for its products, particularly wheat, oil, and gas.”
He explained that trade exchanges between Morocco and Russia primarily involve raw materials and agricultural products. However, economic actors from both sides face challenges related to payment and transaction methods.”
However, the expert stressed that “Morocco must exercise caution when considering a free trade agreement. We have signed agreements with up to 54 countries, and many of these have resulted in significant trade deficits, as they often didn’t provide fair benefits to Morocco.”
The post Morocco-Russia economic partnership: Free trade on table appeared first on HESPRESS English – Morocco News.
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