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Reuters
18-06-2025
- Business
- Reuters
Morocco to review Turkey trade deal over expanding deficit, sources say
RABAT, June 18 (Reuters) - Morocco is planning to review its trade agreement with Turkey and push for more Turkish investment to offset an expanding trade deficit driven largely by Turkish fabric imports, two sources told Reuters. Omar Hjira, the Moroccan cabinet member in charge of trade, will soon visit Turkey - Morocco's sixth-biggest trading partner - to discuss measures aimed at mitigating the $3 billion deficit, the sources, who attended a meeting with Hjira, said on Tuesday. They asked not to be named due to the sensitivity of the matter. Morocco's trade and industry ministry did not immediately respond to a Reuters request for comment. Initially signed in 2004, Morocco and Turkey introduced amendments to their free trade deal five years ago, including a 90% tariff on Turkish textile and clothing imports to protect Moroccan manufacturers and jobs. Moroccan companies still import large volumes of Turkish fabric, however, to meet the needs of the country's apparel sector. Morocco's overall trade deficit widened 22.8% to 109 billion dirhams ($12 billion) in the first four months this year, according to official data. The deficit expanded 7% to 306 billion dirhams last year, and Morocco's deficit with Turkey was its third-largest after the U.S. and China.
Zawya
04-06-2025
- Business
- Zawya
Oman, Turkey announce $12mln venture to boost marine industry
Muscat – Musandam International Investment Company, in partnership with Turkish investors, has signed binding commercial terms and a shareholders' agreement to establish the Musandam Drydock and Marine Industries Company. The venture, based in Musandam governorate, will see an initial investment of over RO5mn in its first phase. The signing ceremony was attended by H E Dr Saud bin Hamoud al Habsi, Minister of Agriculture, Fisheries and Water Resources, and Sayyid Ibrahim bin Said al Busaidi, Governor of Musandam. The company will offer a range of marine services including construction and maintenance of fish farming cages, coastal and commercial fishing vessels, marine tugs, service vessels, and transport vessels up to 35 metres in length. The facility is intended to cater to Oman's domestic market as well as regional demand. The project aims to enhance industrial integration in the marine and fisheries sector, supporting national goals for food security and sustainable economic growth. It forms part of Musandam International Investment Company's wider strategy to build an integrated local ecosystem and promote development in Musandam, aligned with Oman Vision 2040. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
