The bilateral trade relations between the UAE and the Kingdom of Morocco are witnessing remarkable development, according to a report released by the Ministry of Economy.
The Foreign Trade Policy Department at the ministry released its report in the light of the Trade Policy Review of Morocco report, issued by the World Trade Organisation (WTO).
The ministry's report said, "The non-oil trade volume between the two countries amounted to about $526 million during 2014."
Hind Al Youha, director of foreign trade policies at the Ministry of Economy, said, "The ministry is working within its objectives, functions and its activities to improve the awareness of the public and private sectors about the trade and investment systems with the UAE's key partners through monitoring and analysing of reports and studies issued by the WTO and sources of credit information."
She said that the department began issuing a series of short reports on trade policy review of the trading partners issued by the WTO, being one of the most important sources of information regarding the rules, trade restrictions and investment for any member state.
Al Youha pointed out that these reports contain detailed analysis on foreign trade policy of the countries in terms of their economic environment, the foreign trade policy as well as trade practices that have an impact on exports and imports, production, investment and privatisation as well as the detailed policies applicable to all economic sectors of each country.
She pointed out that the report on Morocco focuses on trade policy review in 2015, issued by the World trade Organisation.
The report on the Trade Policy Review of Morocco for 2015 shows the economic growth rate at 3.7 per cent, thanks to the trade reforms based on economic diversification and maintenance of moderate rates of inflation and interest rates. It also refers to the contribution of stimulus, competition environment in local markets, encouragement of innovation growth and creation of new jobs. According to World Bank classification, Morocco is one of the middle-income countries.