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Moroccan - Indian trade exchanges up 70%

Global Arab Network - - Rabih Serrai

Tuesday, 09 February 2010 20:24

The Moroccan-Indian trade exchanges grew 70 % over the past few years, Indian Commerce minister Anand Sharma said on Tuesday.

Speaking at the second Arab-Indian economic forum, Sharma underlined that, despite the difficult international context, trade exchanges with the Moroccan Kingdom have risen 70%.

India is an important economic partner of Morocco, with a trading volume worth 2 billion dollars.

The trade volume between India and Arab countries jumped from 13 billion dollars in 2003 to 114 in 2009.

The United Arab Emirates is the top commercial partner of India with a trading volume (non-oil sectors) of $48 billion in 2009, according to the UAE Minister of Foreign Trade.

The Arab-Indian partnership was consolidated thanks to a memorandum of understanding signed by the General Secretariat of the Arab League and India in 2008.

Worth mentioning, Morocco's economy grew 5.8 % in the fourth quarter of 2009, the High Planning Commission (HCP) said.
The growth remained weak because of the uncertainties related to the impact of the world economic crisis, the HCP said in its latest note, adding that the non-agricultural sector posted a 3 % growth in the fourth quarter of 2009.

World demand for Moroccan products increased by 4.2 % in the third quarter of 2009, the HCP said, adding that Morocco's exports posted a 3.6 % increase between the second and third quarters, while imports stagnated.

Global Arab Network

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Last Updated on Tuesday, 09 February 2010 20:51

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