Morocco-Korea: Towards establishment of legal framework on trade, investment

Morocco and south Korea are heading towards the establishment of a legal framework on trade and investment, with the aim to conclude an Enhanced Partnership Agreement (EPA).

This was stated in a joint communiqué that was signed in Seoul by the Korean Minister of Trade Inkyo Cheong and Moroccan Foreign Minister Nasser Bourita, who participated in the ministerial meeting that preceded the first Korea-Africa Summit, held this week in Seoul.

This announcement paves the way for discussions on promoting investment and strengthening economic exchanges, and sends a strong signal to economic operators in both countries.

The Economic Partnership Agreement, which will strengthen the existing partnership framework between the two countries, will play a significant role in promoting trade and investment, and will also provide a foundation for boosting their respective economic development.

The two ministers agreed to pursue high-level economic cooperation, and to launch and finalize exploratory talks as soon as possible, so that negotiations can begin.

Nasser Bourita also held a meeting with his Korean peer Cho Tae Yul during which, the two officials agreed to optimize existing bilateral consultation mechanisms, by holding the 8th session of the Joint Commission and the 6th session of the Political Consultations.

They also agreed to intensify visits on both sides, with the aim of breathing new life into bilateral cooperation relations and discussed ways and means of boosting investment and economic and trade exchanges, banking on the assets represented by the Kingdom as a gateway to Africa, and through the potential of the free trade agreements concluded by Morocco.

The two officials also reviewed the legal framework governing bilateral cooperation, and decided to strengthen it in the light of the new dynamic desired by both sides.

To this end, they signed three agreements. The first is a social security agreement, meant to start close cooperation between Morocco and Korea by approximating their legislation in this field, with a view to resolving the specific difficulties encountered by their respective nationals and enabling them to benefit from comprehensive protection, based in particular on equal treatment, reciprocity and the maintenance of rights acquired or in the process of being acquired, as well as the transfer of rights.

The second framework agreement provides for cooperation in the field of climate change. It aims to strengthen both countries’ capacity to reduce/eliminate greenhouse gas emissions, address the impacts of climate change, and facilitate their transition to low-carbon economies.

The third agreement concerns loans from the Korea Fund for Economic Development Cooperation. Its aim is to promote cooperation between Morocco and Korea, through granting loans in order to implement projects defined by mutual agreement between the two parties.