Humayun suggested to constitute a group of officials from Pakistan and Morocco as a first step to identify products of exports and import between the two countries and duty structure. He said that this group will be given a six months period to finalise this report and then commerce ministers of both the countries will meet to shape the preferential trade agreement.
He said that both the sides will streamline the tariff structure on identified items of exports of both the countries.
He said that Pakistani delegation will first visit Morocco for holding meeting after the preparation of report by the designated group.
Humayun said that he was keen to bilateral promote trade with Morocco as desired by the President Pervez Musharraf during the visit of Morocco.
Moroccan trade minister said that his country offers immediate potential to Pakistani textile sector for the export of textile items worth $ 1.2 billion to USA and other countries under free trade agreements (FTAs). He said that. Morocco has signed FTAs with Turkey, EU, USA and Arab countries to acquire market access in these countries and to promote bilateral trade.
Mechahoure said that Morocco wanted to develop bilateral ties with Pakistan and also seek joint ventures in agro-based industry, information technology, pharmaceutical, tourism and fertilisers with Pakistani private sector.
He said that trade relations between Pakistan and Morocco were lagging behind despite the close ties in the field of politics and culture.
Moroccan minister said that his country has acquired expertise in tourism and it can help Pakistan in this field.
He pointed out that Morocco has attracted 4 million tourists in the year 2004 and was planning to increase this number to 10 million by 2010.
Giving details about the economic development in Morocco, Mechahoure said that 100 companies have been privatised in last four to five years.
He said that the country has undertaken major reforms to create investment friendly environment in Morocco.
Similarly, he said that Morocco was launching a massive housing construction programme to add 120,000 units every year compared to 40,000 units in the previous years. He said his country was developing a large port at a cost of $ 1 billion.