EFTA - Morocco Free Trade Agreement (FTA)
|Countries Involved:||Iceland, Norway, Liechtenstein, Switzerland, Morocco,|
|Area of Cooperation:||induystrial goods, fish and marine products, proocessed agricultural products|
It defines the progressive instauration of a free trade zone, implying the lifting of customs duties and tariffs barriers. It covers trade in industrial products as well as in processed agricultural products and fish and other marine products.
The agreement is asymmetric in favour of Morocco: while the EFTA States have eliminated all duties and other restrictions for products upon entry into force, Morocco will abolish its duties gradually, over a transition period of 12 years. The transitional period for customs dismantling will end on March 1st, 2012.
In addition, bilateral agricultural agreements between the individual EFTA countries and Morocco have been concluded which form part of the instruments creating the free trade area. Among the objectives of the Agreement is the progressive liberalisation of trade in goods in conformity with Article XXIV of the GATT.
As of March 1st, 2012 virtually all customs duties on trade in industrial goods and fish and other marine products will be eliminated.