The United Arab Emirates and Morocco have successfully concluded negotiations for a comprehensive economic partnership agreement, outlined in a joint statement by UAE Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, and Moroccan Minister of Industry and Trade, Ryad Mezzour.
The comprehensive economic partnership agreement aims to stimulate trade by eliminating unnecessary barriers, simplifying customs procedures, and creating flexible rules of origin for goods.
It also seeks to facilitate investment flows and foster collaboration between the private sectors of both countries, with a particular focus on renewable energy, tourism, infrastructure, and food security.
‘The Comprehensive Economic Partnership Agreement between the UAE and Morocco is an important addition to the programme of global economic agreements that the UAE continues to implement with the aim of expanding its network of trade and investment partners around the world through the conclusion of promising partnerships with markets of strategic importance regionally and internationally on the map of international trade,” said the UAE Minister of State for Foreign Trade.
Minister Mezzour echoed these sentiments, emphasizing the agreement’s role in strengthening the strategic partnership between the two nations and creating a model framework for economic cooperation.
‘This agreement goes beyond trade liberalisation to include several areas related to investments and economic cooperation, making this agreement a model framework for laying solid foundations to improve the level of joint cooperation in the economic and investment field,’ he added.
Bilateral trade between the UAE and Morocco has been flourishing, reaching $1.3 billion in 2023, a 30% increase compared to the previous year. The UAE stands as the largest Arab investor in Morocco, with a total investment of $15 billion in various strategic projects. Morocco, Africa’s sixth-largest economy, boasts a promising economic outlook, particularly in the services and industrial sectors.
This agreement aligns with the UAE’s broader strategy to increase non-oil exports to AED 4 trillion by 2031. Previous economic partnerships have already yielded impressive results, with non-oil foreign trade achieving record-breaking growth in recent years.
The successful conclusion of this comprehensive economic partnership agreement is a testament to the strong economic relationship between the UAE and Morocco and holds the potential to drive significant growth and prosperity for both nations.
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