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India offers US$ 10 mn credit to Morocco

December 7, 2004

The Export and Import (EXIM) Bank of India has offered to extend an initial line of credit of US $ 10 million to Morocco. This was indicated by Shri Kamal Nath, Union Minister of Commerce & Industry, at a meeting with the Minister of Foreign Trade of Morocco, Mr. Mustapha Mechahouri, here today. Exim Bank is discussing this proposal with the Moroccan Bank of Foreign Trade. Shri Kamal Nath urged the Moroccan authorities to expedite conclusion of the line of credit agreement so as to further enhance the level of trade between the two countries, including in India’s exports to Morocco. While total trade between India and Morocco during 2003-04 went up to US $ 342.75 million, India’s imports from Morocco had always been higher than its exports to Morocco, largely due to large-scale import of inorganic chemicals, mainly phosphoric acid and phosphates. 

There is considerable potential to increase the bilateral trade to US $ 1 billion. To this end, both the Ministers agreed to diversify the trade basket as well as increase the volume of trade by encouraging more active interaction between the business communities of the two countries. Shri S.N. Menon, Commerce Secretary and Shri M.V.P.C. Sastry, Joint Secretary attended the meeting with the Moroccan delegation which also included representatives of the Department of Foreign Trade of Morocco, Moroccan Centre for Exports and the Embassy of Morocco in New Delhi. The Moroccan side indicated its interest in cooperating with India in the field of textiles and pointed out that India could take advantage of the trade opportunities in Morocco’s FTAs with US and European Union (EU). 

Later, Shri Kamal Nath called on the Moroccan Prime Minister, Mr. Driss Jettou. 

The last session of the India-Moroccan Joint Commission held in Rabat in January 2002. Both sides agreed that the next meeting of the Joint Commission could be held in New Delhi sometime during 2005. 

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