King Mohamed VI and Cote dIvoire President Alassane Ouattara Hail a

Rabat – King Mohamed VI and Cote d’Ivoire President Alassane Ouattara concluded the King’s visit to the country with a joint statement, praising their countries’ deepening relationship and affirming their commitment to seeing an Africa.Both leaders called for a comprehensive, cooperative political approach to combatting the rise of new forms of global crime. They discussed the fight against terrorism, cybercrimes, sea piracy and drug trafficking and urged the international community to combine forces to eradicate the criminal organizations perpetrating these offenses.In the statement, King Mohamed VI lauded the part Ouattara has played in settling conflicts in the manner laid out by the late President Felix Houphouet-Boigny.  For his part, the Ivorian President lauded Morocco’s role as a peaceful and calming influence on the entire continent. Morocco’s Return to the African UnionOuattara complimented the decisive role Morocco continues to play in securing peace and security in Africa as a whole and, in particular, in Sub-regions of North and West Africa.“This return clearly shows the will and determination of the King of Morocco to engage in South-South cooperation and fully participate in the development of the continent, as evidenced by the Morocco-Nigeria pipeline project, which will cross West African countries, especially Cote d’Ivoire, whose benefits will not only concern all of those countries, but especially all of their populations,” Ouattara said.In response, King Mohamed VI expressed his country’s appreciation for the Ivorian support of Morocco’s return to the organization and pledged Morocco’s support for Cote d’Ivoire’s candidacy for a non-permanent member’s seat at the Security Council for 2018-2019.143 Agreements SignedIn their joint statement, both leaders celebrated the signing of 143 economic agreements and called for regular meetings of the Committee for the Formal Mechanism of the Follow-up and Implementation of the Agreements.Both leaders celebrated the 2nd Session for the Morocco-Cote d’Ivoire economic Impetus Group. The group promotes both public and private sector partnerships between the two nations as part of the Strategic and Economic Partnership Agreement, signed in Morocco January 21.“The governments of the two countries will endeavour to implement the recommendations of this second session, which are in line with the common vision of the two heads of state to establish bilateral cooperation between the two countries as a genuine model of South-South Cooperation for Africa as a whole.”By the time the 2nd Session was concluded, 14 agreements had been signed involving a wide variety of sectors including construction and social housing, infrastructure, transport and logistics, banking and financial, social economy, solidarity and crafts, health, digital economy and industry.Progress Checks, an Invitation ExtendedThe working/friendship trip afforded King Mohamed VI an opportunity to check on the progress of some of the projects Morocco has invested in recently. Both leaders expressed their mutual pleasure at the progress made regarding the safeguarding and upgrade to the Bay of Cocody.King Mohammed VI extended the President an invitation to visit Morocco for a similar visit, which Ouattara enthusiastically accepted. Details of the visit will be set through the usual channels and protocols. read more

US trade deficit rose to 442 billion in August as exports fell

AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email US trade deficit rose to $44.2 billion in August as exports fell to lowest level in 6 months by News Staff Posted Oct 11, 2012 9:35 am MDT WASHINGTON – The U.S. trade deficit widened in August as exports fell to the lowest level in six months, a worrisome sign that a slowing global economy is cutting into demand for U.S. goods.The deficit increased to $44.2 billion in August, the biggest gap since May and a 4.1 per cent increase from July, the Commerce Department said Thursday.Exports dropped 1 per cent to $181.3 billion. Demand for American-made cars and farm goods declined. Imports edged down a slight 0.1 per cent to $225.5 billion as purchases of foreign-made autos, aircraft and heavy machinery fell. The cost of oil imports rose sharply.A wider trade deficit acts as a drag on growth because it means the U.S. is earning less on overseas sales of American-produced goods while spending more on foreign products.Trade was a positive for economic growth in the April-June quarter but Steven Wood, chief economist at Insight Economics, said he expected that trade would be a small negative in the July-September quarter given the weakening trend in U.S. exports.So far this year, the deficit is running at an annual rate of $561.6 billion, up slightly from last year’s $559.9 billion imbalance.For August, the deficit with China dipped 2.3 per cent to $28.7 billion as U.S. exports to that country edged up modestly while imports from China fell. But for the year, the U.S. deficit is on track to surpass last year’s record, the highest ever recorded with a single country.The widening trade gap with China has worsened trade tensions between the two countries and has become a debating point in the presidential race. GOP challenger Mitt Romney is promising to take a tougher approach than President Barack Obama has on Chinese trade practices which he says are giving the country an unfair advantage over American workers.The deficit with the European Union fell by 2 per cent in August to $11.7 billion as U.S. exports to the region outpaced imports. However, economists expect U.S. sales to Europe to weaken in coming months because many European nations are now in a recession brought on by a prolonged debt crisis.The U.S. deficit with Japan fell 1.4 per cent in August to $6.7 billion as American exports to Japan rose to the highest level since March 1996.U.S. economic growth slowed to an annual rate of just 1.3 per cent in the April-June quarter. Most economists don’t expect the economy to grow much more than 2 per cent for the rest of the year.American manufacturers have been hampered by slumping economies in Europe, China and other key export markets. Many European countries are recession. The region accounts for about one-fifth of U.S. exports.The International Monetary Fund this week projected global growth of just 3.3 per cent for the year and 3.6 per cent in 2013. The downgrade from its July forecast reflected disappointing growth in the United States, spreading recessions in Europe and a sharp slowdown in China.There have been some hopeful signs that the U.S. economy is improving.Manufacturing grew in September for the first time in four months, according to a closely watched survey from the Institute of Supply Management. The growth was driven by a jump in new orders and more hiring.The unemployment rate declined to 7.8 per cent in September, the lowest level since January 2009. It fell because of a huge increase in the number of people who said they found jobs.Americans are gaining more confidence in the economy and stepping up major purchases.Auto sales rose 13 per cent last month from a year earlier to nearly 1.2 million. Home sales have been posting solid gains, which have driven home prices higher. When home prices rise, people tend to feel wealthier and spend more freely. read more