On June 15, 2004, the U.S. and Morocco signed a Free Trade Agreement (FTA). The FTA immediately eliminated tariffs on 95 percent of bilateral trade, with the remaining tariffs to be eliminated over the next nine years. The U.S.-Morocco FTA is the first in Africa and the first under the Middle East Free Trade Area initiative. Morocco has also signed several agreements with the European Union on economic cooperation, and one establishing a free trade zone for industrial goods over a 12-year transition period. In addition, Morocco is a partner country of the European Free Trade Agreement.