European Union Commissioner for External Relations, Benita Ferrero-Waldner has confirmed this month that the EU is considering giving Morocco more recognition in its relations with the European Union.
Due to Morocco’s booming economy and many recent reforms, she told Newsweek International, “We already have a very, very close relationship with Morocco and we’re studying giving them even more advanced status”. This is good news to Prime Minister, Driss Jettou, who is quoted as saying “We want to be the southern rib of Europe” and he predicts, “In 10 years, we will be a fully-fledged partner in the EU family”.
Since its signing of the Euro-Med Partnership in Barcelona in 1995, Morocco has forged a deepening relationship on the European diplomatic front. This means that Morocco will now be included in more political discussions, including immigration, social issues as well as foreign affairs matters. Free-trade agreements are also being negotiated in Brussels and Rabat, as Morocco takes another step forward towards EU recognition.
Foreign investment, which doubled last year to €1.7 billion, has boosted Morocco's booming economy, improving the infrastructure, tourist industry and living standards to European levels. Trade between Europe and Morocco was up 35% last year, and exports to Europe doubled to €16 billion. Meanwhile, even without the EU “member” title, these economic indications show that Morocco’s property market today offers outstanding potential to early investors.