The Association Agreement between Morocco and the UK, aiming to preserve bilateral partnerships after Brexit, is set to enter into force on January 1, 2021.
Morocco and the UK made the announcement on Thursday, December 24, through a joint declaration, published after an exchange of verbal notes between Moroccan and British officials.
The Morocco-UK Association Agreement, signed in London on October 26, 2019, will preserve all the benefits that the two countries granted each other under the Morocco-EU Association Agreement, notably on trade.
Under the Morocco-UK Association Agreement, bilateral trade will continue without any obstacles after the Brexit transitional phase, set to end on December 31.
British Ambassador to Morocco Simon Martin said annual bilateral trade is valued at £2 billion ($2.71 billion).
Moroccan and British parties welcomed the upcoming entry into force of their agreement, saying the document will constitute a guarantee to Moroccan and British companies that undertake economic and trade relations in all sectors of cooperation.
Investment relations will also continue, with the Morocco-UK Association Agreement providing reciprocal protection for investors.
According to the joint declaration, the agreement will represent a “fundamental pillar” in consolidating and strengthening relations between Morocco and the UK, especially in terms of trade and investment.
The two countries affirmed their commitment to further improve and develop their cooperation, with a view of establishing a comprehensive strategic partnership.
Moroccan and British officials published the joint declaration on the same day UK Prime Minister Boris Johnson announced his country has reached a free trade deal with the EU.
The announcement came only one week before the end of the Brexit transitional phase.