Lima-based business association COMEX Peru is urging the government to sign a trade agreement with Morocco in an aim to boost Peruvian exports to global marketsby leveraging Morocco’s existing trade deals with Europe, Africa, and Asia.
Morocco’s status as a trade hub, with agreements with the US, UK, UAE, Turkey, the EU, and several Arab nations, makes it an attractive partner for Peru.
The Peruvian Association of Businesses reported that global imports from Morocco recorded an average annual growth of about 4.8 percent between 2014 and 2023, adding that “as for Moroccan imports of some types of fruits, they have tripled in the past ten years, going from $168 million in 2014 to $604 million in 2023, with this dynamic being driven mainly by the purchase of dates, almonds, walnuts and raisins.”
While Peru exported $95 million worth of goods to Morocco between 2014 and 2023, primarily non-traditional products like ginger, mackerel, quinoa, and avocado, high tariffs have hindered Peruvian exports.
A trade deal would level the playing field, as Morocco imposes tariffs ranging from 2% to a hefty 200% on imports.
Peruvian President Dina Boluarte has publicly expressed interest in expanding the country’s trade agreements, including with Morocco.
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