Morocco's Ministry of Industry & Trade has made a significant stride in trade policy by unveiling duty-free quotas for cold rolled and coated steel products. The announcement, which outlines the allocation of 36,000 tons for the year 2024, marks a strategic move aimed at balancing domestic production and international trade dynamics.
Under the new quotas, the majority, amounting to 32,400 tons, is reserved for products originating from the European Union (EU), reflecting Morocco's commitment to bolstering trade relations with its European partners. The remaining portion of the quota is earmarked for non-EU sources, ensuring a diversified import portfolio.
This initiative follows the Ministry's previous announcement in 2021, where safeguard measures on cold rolled and coated steel products were extended until the end of 2024. During this period, imports exceeding the duty-free quota would be subject to safeguard duties, starting at 13.75% in 2022 and gradually reducing to 12.5% in 2023 and 11.25% in 2024.
The decision underscores Morocco's proactive approach to managing its steel imports while fostering an environment conducive to domestic industries' growth. By providing duty-free quotas, the Ministry aims to facilitate a steady supply of essential steel materials, thereby supporting key sectors such as automotive, construction, and manufacturing.
Comments
No comment yet.