Morocco, European Union ratify new trade and investment agreement

Representatives of Moroccan and EU business interests have ratified a new agreement to promote further investment and better mutual market access.

The General Confederation of Moroccan Enterprises and Business Europe joined by the European Chamber of Commerce and Industry in Morocco have ratified the Charter for the Modernization of Trade and Investment between the European Union and Morocco.

The document that was signed by the three organizations, refers to eight pillars that aim to modernize the EU-Morocco Association Agreement.

The revised agreement facilitates improved investment and market access for investors in priority sectors, such as renewable energies, food industries and digital services.

President of Business Europe Pierre Gatz stated, that “the world has changed” since the signing of the original Association Agreement between the European Union and Morocco in 2000, which needed to be adjusted to accommodate the current needs of companies in important areas, such as the digital economy.

Chakib Alj, President of the General Confederation of Moroccan Enterprises, described the European Union as “a natural and reliable trading partner for Morocco.”

The new agreement aims to liberalize and simplify economic exchange between Morocco and the EU, according to the President of the European Chamber of Commerce and Industry in Morocco, Edwin Sluismans. He pointed to the new charter’s great potential in terms of bilateral trade development for companies on both sides of the Mediterranean.

The document additionally calls for the liberalization and facilitation of trade in the services and transport sector.

It further calls for the establishment of a framework for the mutual recognition of certain professional qualifications, trade facilitation and regional and continental integration to participate in the exchanges between the EU and Morocco.