Moroccan Foreign Minister Nasser Bourita signed three agreements with his counterpart from the Republic of Korea (ROK) Cho Tae-yul in the country’s capital Seoul, during the 2024 Korea-Africa Summit on Sunday, according to MAP.
The first signing was a social security agreement, to initiate close cooperation between Morocco and ROK. The two nations will harmonize their legislation, to resolve the difficulties encountered by their respective citizens and enable them to benefit from protection. The newly aligned legislation will be based on equal treatment, reciprocity, the maintenance of rights, and the transfer of rights.
The second is an umbrella agreement for climate-related collaboration. It seeks to increase both nations’ ability to reduce and eliminate greenhouse gas emissions, address the effects of climate change, and support both parties’ transition to low-carbon economies.
The third deal corresponds to financing from the Korea Fund for Economic Development Cooperation. Its goal is to foster collaboration between Morocco and the Republic of Korea by giving loans to fund initiatives determined by mutual agreement between the two sides.
The two ministers decided to improve existing bilateral consultation mechanisms by hosting the 8th session of the Joint Commission and the 6th session of Political Consultations. The pair also agreed to increase bilateral visits to revitalize the Kingdom of Morocco and the Republic of Korea’s cooperative relations.
The meeting also allowed the two officials to discuss ways to increase investment and economic and trade exchanges, taking into account the Kingdom’s strategic location as a gateway to Africa, as well as Morocco’s Free Trade Agreement (FTA) potential.
Another topic of discussion was the legislative framework for regulating bilateral cooperation, as both ministers are eager to reinforce it in light of their intended new dynamic.
Bourita and the Republic of Korea’s Minister of Trade, Inkyo Cheong, signed a joint communiqué to begin preliminary discussions on the establishment of a legal structure for trade and investment between the Kingdom of Morocco and the Republic of Korea, to establish an Enhanced Partnership Agreement (EPA).
This declaration opens the door to negotiations about increasing investment and improving economic exchanges, and it sends a strong message to economic operators in both nations.
The Economic Relationship Agreement, which will improve the two nations’ current relationship structure, will play an important role in increasing trade and investment, as well as providing a platform for expanding their economies.
Both ministers agreed to promote high-level economic cooperation and to commence and follow through with exploratory talks as soon as possible.