EU, Morocco adopt pact to modernize trade & investment relations

EU, Morocco adopt pact to modernize trade & investment relations

A “Pact for the modernization of trade and investment between the European Union and the Kingdom of Morocco” has been adopted Tuesday by Business Europe, the Moroccan Employers’ Association (CGEM) and EuroCham Morocco.

The document calls for a long-overdue modernization of the framework for EU-Morocco trade and investment relations, capable of unlocking the untapped economic potential of this partnership to support an effective and sustainable post-pandemic economic recovery.

“The EU-Morocco Association Agreement was signed in 2000: since then the world has changed and it is necessary to adapt our agreement to the commercial realities of the 21st century and the needs of companies in important areas such as the digital economy,” said on this occasion president of Business Europe, Pierre Gattaz.

“The EU is a natural and reliable trading partner of Morocco. It is important today to revive this relationship in order to benefit together from the opportunities presented, particularly related to food supply chains, as well as our priorities in terms of sustainability or digital,” said for his part president of the CGEM, Chakib Alj.

Edwin Sluismans, president of Eurocham, stressed “the strong potential for development of bilateral trade that represents, for companies on both sides of the Mediterranean, this liberalization and simplification of trade provided in the future Modernization Pact”.

For the three organizations, the modernization of the EU-Morocco Association Agreement should focus on eight pillars namely the facilitation of investment and improved market access for investors in priority sectors such as renewable energy, agribusiness or digital services; the reduction of non-tariff barriers for industrial products and the mutual recognition of relevant regulations and standards; the liberalization and facilitation of trade, services and transport; the creation of a framework for the mutual recognition of certain professional qualifications; facilitating trade and regional and continental integration; creating “administrative one-stop shops” for SMEs to promote their participation in trade between the EU and Morocco; promoting and facilitating trade in agri-food products and improving the business climate.

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