The South Korean government included Morocco as a key African target in its new trade policy roadmap, unveiled on Thursday during a ministerial meeting chaired by Prime Minister Han Duck-soo, due to the kingdom’s significant resources and growth potential.
The policy includes expanding trade agreements to 77 countries, representing 90% of global GDP, to support South Korean businesses in emerging markets.
The South Korean government revealed on its website, in a detailed press release reviewed by Hespress, that it is set to create a trade belt in South West Asia by negotiating economic partnership agreements with Mongolia, Pakistan, and Bangladesh. Additionally, it plans to establish cooperation with Africa through similar agreements with Morocco and Tanzania.
Seoul also highlighted that it signed five new trade agreements last year and added that “the free trade agreements finalized with countries in the Middle East and Central and South America, including the Gulf Cooperation Council nations, will soon take effect.”
The new South Korean roadmap emphasized boosting cooperation and ties with countries in the Global South, especially in Central Asia and Africa, viewing these regions as “strategic hubs and key areas for diversifying Korean exports.”
It also aims to strengthen economic and industrial partnerships through multilateral platforms, such as the Korea-Africa Summit.
The same source stated that “as a major player in global trade, Korea aims to boost its role in discussions on reforming the World Trade Organization and enhancing economic integration in the Asia-Pacific region.”
In this regard, South Korean media quoted a trade ministry official saying that “Korea’s current network of free trade agreements covers 85% of global GDP, making it the second largest in the world after Singapore, which covers about 88%.”
The official also mentioned that negotiations for free trade agreements with Brazil, Argentina, Uruguay, and Paraguay have been stalled.
For context, South Korean officials have shown a keen interest in signing free trade agreements with economically significant countries, with Morocco being a top priority.
Economic experts previously confirmed to Hespress that the South Korean government is leveraging Morocco’s strategic position, its deep ties in Africa, and its trade relationships to break into new markets and establish a presence for Korean companies on the continent.
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