Korea and Morocco have agreed to launch negotiations on comprehensive economic partnership agreement (CEPA) to boost economic cooperation,trade and investment,said Korean news agency Yonhap.
The CEPA talks were discussed during the virtual meeting held Wednesday between Trade Minister Yeo Han-koo and Omar Hejira,Morocco’s secretary of state for industry and trade.
Yeo Han-koo said Korea-Morocco CEPA will help Korean companies expand their business diversification and trading. Unlike the Free Trade Agreement (FTA) that primarily focuses on tariffs and trade barriers,a CEPA goes further to include comprehensive cooperation on services,investments,intellectual property,competition policy,and regulatory alignment.
South Korea views Morocco as a strategic gateway to the African market,leveraging Morocco’s extensive network of existing free trade agreements and its geostrategic position.
According to some experts,Morocco-Korea CEPA talks are likely to focus on railway infrastructure & manufacturing,particularly as Morocco co-hosts the 2030 FIFA World Cup,renewable energy,shipbuilding,defense industry,lowering tariffs and building resilient supply chain.
United News - unews.co.za