This article quantitatively studies the macroeconomic impact of creating a free trade area between Morocco and the European Union, while underlining its effects regarding migratory flow. The analysis framework is a computable general equilibrium model which assumes the following new international trade theory hypothesis: increasing scale outputs and products differentiation. The model, which comprises nine Moroccan economic sectors, analyzes the macroeconomic effects on emigration and the creation of a free trade area between Morocco and Europe. Results show that, under current conditions of competitiveness of the Moroccan economy, free trade would induce a strong industrial depression and a growing external deficit. It would lead to a fall in employment, particularly in industry. Consequently, Moroccan migratory flows will be maintained and developed towards Europe.