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News 29 May 2013 3 min read

Prospecting for potential in Marrakech

High-ranking Maghreb officials prospect in Marrakech for the potential for integration within the Arab Maghreb Union (AMU)
Prospecting for potential in Marrakech

Experts and officials from the Arab Maghreb Union (AMU) agreed, on Tuesday in Marrakech, on the need to transcend difficulties in order to achieve "optimal Maghreb integration". On the eve of the conclave of AMU Finance Ministers, these officials prospected, during a meeting, the potential for Maghreb integration in a globalised international context characterised by strong economic concentrations, particularly in Europe, America and Asia. "The AMU countries share common concerns at several levels and their integration should strengthen their position in negotiations with the various partners," declared to MAP the Director General of Financing at the Tunisian Ministry of Finance, Souhir Taktak, hence, she stressed, "the need to overcome the difficulties that hinder the realisation of this integration and to unite efforts to face the challenges facing the region". Ms. Taktak also indicated that this meeting focuses on the financial aspect of cooperation within the Union, notably issues related to taxation, insurance and the creation of the Maghreb Bank for Foreign Trade, hoping that this last project will be realised by the end of 2013 "to give birth to a catalyst for the financing of common projects and Maghreb institutions, which is likely to further promote the integration of the countries of the region". "The meeting also aims to enhance economic and financial exchanges within the AMU, through the expansion of areas of joint action," she explained, highlighting the importance of unifying administrative and legislative procedures within the Maghreb countries, particularly in the field of taxation by fighting against double taxation, in order to encourage investment and facilitate the mobility of companies within the Maghreb space. For his part, the Deputy Director of Maghreb Affairs at the Mauritanian Ministry of Foreign Affairs, Mohamed Bamba Ben Sidi, hopes to see a Maghreb monetary union materialise, which is synonymous with the creation of a single currency, noting that all the recommendations of the meeting will be presented to the Finance Ministers of the AMU countries, whose meeting will be held on Wednesday in the ochre city. This ministerial meeting takes place in parallel with the work of the Annual Meetings of the African Development Bank (AfDB) group, which should bring together more than 3,000 people and which constitute an opportunity to discuss priority themes for the African Continent falling within the strategic orientations of the said Bank in the next ten years, the main issues being in particular inclusive growth, green growth and youth employment.

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