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Morocco, Korea hold talks to establish legal framework on trade and investment

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Morocco World News | 2 June 2024

Morocco, Korea hold talks to establish legal framework on trade and investment

by Jihane Rahhou

Rabat - Morocco’s Minister of Foreign Affairs, Nasser Bourita, and the Minister of Commerce of the Republic of Korea, Inkyo Cheong, signed on Sunday in Seoul a Joint Statement on the launch of exploratory discussions to establish a legal framework on trade and investment between the two countries. This signing happened with the aim of reaching a Reinforced Partnership Agreement (RPA).

The announcement paves the way for initiating discussions on the promotion of investments and the strengthening of economic exchanges and serves as a strong signal to the economic operators of both countries.

The initiative is part of the ongoing positive bilateral dynamics that have been developing over the past few years, building on more than 60 years of diplomatic relations between the two nations.

During a preceding meeting, Bourita met with his Korean counterpart, Cho Tae Yul. They agreed to optimize existing bilateral consultation mechanisms by holding the 8th session of the Joint Commission and the 6th session of Political Consultations.

In addition, they discussed the intensification of mutual visits to infuse new dynamism into their cooperative relations.

The Economic Partnership Agreement, which will strengthen the existing partnership framework between the two countries, will play a significant role in promoting trade and investments and will also serve as a foundation for adding value to their respective economic development.

The ministers also discussed ways to enhance investments and economic exchanges, considering Morocco’s strategic position as a gateway to Africa and its network of free trade agreements.

The two ministers equally reviewed and decided to strengthen the legal framework governing cooperation between their countries. They signed three agreements.

The first is a social security agreement aimed at aligning their legislation to address specific difficulties faced by their nationals and provide comprehensive protection based on equality, reciprocity, and the preservation of rights.

The second is a framework agreement on climate change cooperation, aimed at enhancing their capacities to reduce greenhouse gas emissions, address climate change impacts, and transition to low-carbon economies.

The third agreement involves loans from the Korean Economic Development Cooperation Fund, intended to promote bilateral cooperation through the financing of mutually agreed projects.

The two ministers agreed to pursue high-level economic cooperation and to launch and finalize exploratory discussions as soon as possible to enable the start of negotiations.

 Fuente: Morocco World News