KARACHI, July 19: Pakistan and Morocco have signed an agreement to enhance bilateral trade and investment and to exploit vast potential of economic cooperation exists between them.

The MoU was signed by Adviser to the prime minister on Industry and Production Mian Manzoor Ahmed Wattoo and Minister for Industry and Commerce of Morocco Ahmad Chami at the concluding session of Pak-Morocco Joint Ministerial Commission at Rabat on Friday.

Dr Mirza Ikhtiar Baig, representing Pak-Morocco Business Council of Federation of Pakistan Chambers of Commerce and Industry and a member of Pakistan delegation attending JMC said in a message from Rabat that both the governments agreed to start negotiations for signing Preferential Trade Agreement (PTA) by October 2008, followed by signing a Free Trade Agreement (FTA) between the two countries.

He said it would double the trade between the two countries, which is presently at a modest level of $20 million per annum.

Dr. Baig further said that the Moroccan government was also considering to enter into a joint venture with Pakistan for producing DAP fertiliser in the country.

During his stay in Rabat he held meetings with president Casablanca Chamber of Commerce, Chafic Barada, head of International Relations of the chamber, Ahmed Moussi Messaudi, Director Mohmammed Larbi EI Harras and chief of International Relations of Moroccan Federation Miss Narjiss Qaubariss.

The two sides agreed to pursue the Moroccan government to reduce high tariff on import of textile products from Pakistan.

The federation of Morocco chambers also agreed to hold the inaugural meeting of Pak-Morocco Joint Business Council in October.—APP