Seoul planning FTA with Morocco to diversify its trading partners

South Korea is planning to sign Free Trade Agreements (FTAs) with seven emerging countries, including Morocco, to boost growth momentum and diversify its trade portfolio.

The announcement was made Friday by the South Korean Ministry of Trade, Industry and Energy, which affirmed that Seoul is planning to ink FTAs with Morocco, Kenya, Tanzania, Thailand, Pakistan, Serbia, and the Dominican Republic.

“The seven countries bear high growth potential and offer huge opportunities for mutually beneficial cooperation,” said Mr. Roh Keon-ki, deputy minister for trade negotiations. These countries will also enable Seoul to further expand its global trading network, he said.

In June 2023, South Korea exported $37.4 Million and imported $12.7 Million from Morocco, resulting in a positive trade balance of $24.6 Million. Between June 2022 and June 2023 the exports of South Korea have increased by $15.5 Million (70.9%) from $21.9 Million to $37.4 Million, while imports decreased by $-1.6 Million (-11.2%) from $14.4 Million to $12.7 Million.

Last month, the top exports of South Korea to Morocco were cars, tractors, trucks & parts, Iron & steel, machinery, mechanical appliances, Man-made filaments, and plastics, while the main imports from the North African country were copper products, electrical machinery and electronics, ores, slag & ash, non-knitted clothing accessories & knitted clothing accessories.

With its geostrategic position and proximity to Europe, Morocco is a gateway to investment in Africa, and offers huge business opportunities to South Korean investors in various sectors including railways, renewable energies, and the automotive industry