Panel I of a Hearing of the House Ways and Means Committee: US-Morocco Free Trade Agreement
HEADLINE: PANEL I OF A HEARING OF THE HOUSE WAYS AND MEANS COMMITTEE
SUBJECT: U.S.-MOROCCO FREE TRADE AGREEMENT
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REP. PHILIP CRANE (R-IL): Thank you, Mr. Chairman.
And I'm quite pleased that the United States and Morocco have finally reached an agreement on a bilateral free trade issue. Morocco has long been a key ally in the Middle East. While perhaps less dramatic in scope than some of the other free trade agreements Congress has and will soon consider, two-way trade between the U.S. and Morocco is significant, at about $1 billion per year. Furthermore, the International Trade Commission estimates that trade between our countries should double once this agreement is implemented.
This is a strong agreement. Under its terms, over 95 percent of U.S. exports of industrial goods to Morocco will become duty-free immediately. This follows the high standards set by our recently passed agreements with Singapore and Chile, as well as that of the Australia Free Trade Agreement, which I expect will pass through the House this month.
This is important for U.S. manufacturers whether they produce heavy equipment, high-tech products, chemicals or any of a number of other products. This is also a strong agreement for the services sector of our economy, whether it be telecommunications, e-commerce for digital products, or new opportunities for U.S. financial institutions.
Importantly, unlike some other agreements, the Morocco FTA is comprehensive as regards agricultural goods. This is a significant step forward. And I'm grateful to USTR for his efforts in this regard. I understand that difficult balances must be struck in any FTA, but I hope and trust that inclusion of all agricultural products will become part of standard operating procedure as the administration completes future agreements.
I'd like to emphasize my strong support for this agreement, my appreciation to the administration for its efforts in completing it. I applaud their efforts in negotiating an agreement that opens markets for U.S. exports by eliminating tariffs, reducing non-tariff barriers, opening services markets and strengthening intellectual property protections.
In addition, this agreement provides for important investor protections for our companies. Taken together, this will provide a significant benefit to the U.S. economy.
I'd also like to welcome Ambassador Allgeier as well as our second panel of invited guests here today, and I look forward to working with Chairman Thomas and our colleagues Mr. Rangel and Mr. Levin, as well as all other interested parties, to ensure swift passage of this agreement.
Thank you, Mr. Chairman.
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