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Indian firms can invest in Moroccan firms to gain direct and preferential access to several markets with which the African country has signed free trade agreements (FTAs).
This was discussed at the Indo-Morocco Joint Commission Meeting, co-chaired by Mr Anand Sharma, Union Minister of Commerce and Industry and Moroccan Minister of Trade Finance, Mr Abdellatif Mazouz.
Morocco has FTAs with European, African, Arabic and American markets at bilateral and regional levels.
Tripartite co-operation
Morocco also proposed exploring the possibilities of tripartite cooperation involving Morocco, India and Sub-Saharan African countries, said an official statement. The potential sectors of cooperation are chemical and fertilisers, mining, IT, pharmaceuticals, automobiles, tourism and textiles.
Mr Sharma stated, “There are possibilities for trade in agricultural commodities and food processing.”
He stressed on the need to shift the focus of Indo-Moroccan trade from inorganic chemicals and fertilisers to other sectors. He also stressed upon the importance of a more liberal visa policy in case the trade ties were to be expanded further.
The Moroccan side proposed a mutual administrative assistance agreement providing for prevention, investigation and punishment for customs crimes.
The National Board of Electricity of Morocco proposed to implement partnership with its Indian counterparts in energy efficiency; rural electrification; execution of transport networks and production facilities related to the transport network.
They also proposed to establish strategic partnerships with the Indian industrial operators for executing projects, especially in Africa, the statement said.
Bilateral trade
The bilateral trade has grown to $1.712 billion in 2010 from $573.87 million in 2005 with balance of trade in favour of Morocco ($611 million). The major portion of bilateral trade is made up of import of phosphates and fertilisers by India and import of textiles, transport equipment and machinery by Morocco.
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