In a bid to curb dependency on foreign trade vessels, Morocco’s Ministry of Transportation has contacted several of their Middle Eastern counterparts to discuss possible cooperation in launching an Arab Corporation for Maritime transportation, reported Al-Hayat.
The Ministry envisions the establishment of a transport firm linking east to west under the Agadir Accord, a free trade agreement that seeks to boost trade between Egypt, Jordan, Tunisia, and Morocco. The partnership will also include Algeria.
In the wake of the September 11 attacks, global insurance companies declared the Middle East region a war zone and was subject to high-risk premiums. Shipping companies operating in Jordan’s Aqaba Port raised their fees in order to cover a 12.5 percent war risk premium surcharge, levied by international insurance companies for steering in a declared war zone. — (menareport.com)
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