Moroccan Economic Delegation Strengthens Ties with US on Wall Street

The Moroccan economic delegation met, on Monday on Wall Street, with the leaders and key executives of the New York Stock Exchange (United States). This trip is part of the “new impetus to the strategic relations that unite the Kingdom and the United States in various areas, including the promotion of capital markets”, reports the Moroccan embassy in Washington. “Carried out jointly by the Casablanca Stock Exchange and the Moroccan Capital Market Authority (AMMC), in the presence of the Moroccan Ambassador to Washington, Youssef Amrani, this mission is aimed primarily at strengthening cooperation and exchange relations between financial operators from the two country ,” adds the same source.

In his speech on this occasion, Youssef Amrani emphasized “the strength of the multilateral relationship that unites Morocco and the United States, as well as the continued momentum of cooperation across the entire ecosystem of Moroccan capital markets and America”. “This long-term friendship,” he said, is a stronghold for “common strategic interests”, thus making the two countries “essential partners on a variety of issues and challenges, from threats to security, climate change, energy and motivation. of the common values ​​of peace, stability and economic liberalism.

At the same time, Youssef Amrani pointed out that Rabat and Washington had “taken a new step in strengthening their relations”, by signing a free trade agreement (FTA) in 2004, and then implementing this framework since 2006. In addition, Morocco “is the only African country and the second in the Arab world that is linked to the United States by such an agreement”.

This agreement now makes Morocco the third trading partner of the United States, after France and Spain. For its part, Morocco is the fourth trading partner of the United States in Africa. Thanks to this agreement, the kingdom recorded “a significant increase in American investments,” the ambassador said.

In 2023, these jobs represented more than 30% of foreign direct investments (FDI) in Morocco, making the United States the main investor in the country, said Youssef Amrani. The diplomat who also reported a “significant increase in bilateral trade, which reached five billion in 2023, compared to only 925 million in 2005, a year before the FTA came into force”.

Also, “American exports to Morocco increased 700% in value, from $480 million in 2005 to $3.4 billion in 2023, while Morocco’s exports to the United States tripled to $1.6 billion in 2023, compared to $ 445 million in 2005,” he said. clarified.

Regarding relations with Africa, “Morocco’s natural expansion and strategic depth”, the ambassador said that this region was “gradually establishing itself as a new engine of growth” towards the establishment of “a continental free trade zone.”

Therefore, he highlighted Morocco’s strong ties with the rest of its continent, as a “huge potential” for American companies. In fact, the kingdom is the second largest investor in Africa and the first in West Africa, with 85% of the country’s total FDI.

“With the implementation of the African Continental Free Trade Area (AfCFTA) and more than 50 similar agreements, Morocco is establishing itself as a free trade center that provides access to a consumer market of 2.5 billion people,” said the ambassador

And to recall, as part of Morocco’s efforts at the continental level, “a new cooperation mechanism has recently emerged, thanks to a bold international initiative launched by His Majesty King Mohammed VI which aims to improve access for African countries to the Atlantic Ocean.

“This strategic initiative aims to reduce economic barriers in the region, by facilitating connectivity, providing the UK’s road, port and rail infrastructure to Sahel countries to enable them to participate in strengthening international trade, including with the United States,” explained Youssef Amrani.

During this visit, the Moroccan delegation consisted of the Director General of the Casablanca Stock Exchange, Tarik Senhaji, Director of Financial Operations and Markets at the AMMC, Nasser Seddiqi, Director General of Banque Centrale Populaire (BCP), Kamal Mokdad, general director of CFG Bank, Younes Benjelloun and president and CEO of MAROCLEAR, Mounir Razki.

Also part of this delegation was the director of development at the Casablanca Stock Exchange, Zineb Guennouni, the director of market operations at the same stock exchange, Ahmed Arharbi, as well as Lahcen Danoun from the Ministry of Economy and Finance, as well as Siham Talbioui from Al Maghrib Bank.