The United Arab Emirates and Morocco have agreed to a Comprehensive Economic Partnership Agreement (CEPA), which would usher in a new era of mutually beneficial trade and investment relations between the two countries, the Emirati Press Agency WAM announced on Saturday.
Morocco Minister of Industry and Trade Ryad Mezzour inked with his Emirati peer Thani bin Ahmed Al Zeyoudi a joint statement confirming the conclusion of the negotiations.
The UAE-Morocco CEPA, once implemented, will enhance the free movement of products and services by lowering or eliminating tariffs, removing superfluous trade obstacles, expanding market access for services, enhancing customs harmonization, and introducing flexible rules of origin.
It would also provide forums for investment and private-sector partnership in key sectors such as renewable energy, tourism, infrastructure, mining, food security, transportation, logistics, and ICT.
In 2023, the two countries shared 1.3 Bln dollars in non-oil trade, up 30% from 2022 and 83% higher than in 2019. The UAE is Morocco’s largest Arab investor, having invested more than 15 Bln dollars in a variety of critical projects.
Mezzour highlighted that “this Agreement is part of the implementation of the Declaration signed by King Mohammed VI and President Sheikh Mohamed bin Zayed Al Nahyan on 4th December, 2023 in Abu Dhabi, which aims to establish an innovative, renewed and solid partnership between the two brotherly countries.”
The Moroccan official added “The agreement, which strengthens the legal arsenal between the two countries, aims to support the development of trade and investment, by opening new opportunities to upgrade the level of joint cooperation in economic and commercial fields.”
Al Zeyoudi said, “The UAE-Morocco Comprehensive Economic Partnership Agreement is a valuable addition to our CEPA program. Our two brotherly nations already enjoy strong bilateral economic relations, and this agreement will enable us to further develop areas of mutual benefit, particularly in sectors such as tourism, energy, manufacturing and agriculture, and generate long-term prosperity for both peoples.”
He added that “Morocco is one the largest and most competitive economies in Africa and we look forward to working in unison to create new opportunities for our private sectors.”