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Rabat – In a bid to expand its economic horizons and strengthen its global trade ties, Korea is actively pursuing bilateral economic partnerships with seven emerging countries, including Morocco.
Among these countries, Morocco has emerged as a key partner that would enable the East Asian country to diversify its trade portfolio, Korean news agency Yonhap reported today.
The Korean Ministry of Trade, Industry, and Energy unveiled the news on Friday, announcing its plans to establish bilateral Economic Partnership Agreements (EPAs) with Kenya, Tanzania, Morocco, Thailand, Pakistan, Serbia, and the Dominican Republic.
An EPA, in this context, signifies more than just market access. It seeks to create an environment of cooperation that goes beyond traditional free trade agreements (FTAs), albeit with a narrower focus.
Korea is aiming to harness the potential of these seven countries, viewing them as promising partners for economic collaboration. In addition, the move highlights Korea’s commitment to not only opening new markets but also building mutually beneficial trade networks.
Seoul’s deputy minister for trade negotiations Roh Keon-ki underlined the significance of his country’s strategic move.
Read also: Korea Keen To Increase Economic, Cultural Cooperation with Morocco
“The seven nations bear high growth potential and have ample room for mutually beneficial cooperation with South Korea,” Roh said.
He added that these countries can serve as vital gateways for Korea to expand its trade network globally.
Morocco has become a key player in Korea’s quest for diversified trade partners, with both countries pledging to increase economic cooperation.
In June 2023, Korea’s trade relationship with Morocco exhibited a strong performance, with a positive trade balance of $24.6 million.
Korea’s exports to Morocco surged impressively, reaching $37.4 million, a nearly 71% increase from the previous year, according to the Observatory of Economic Complexity.
Strategically located at the crossroads of Africa, Europe, and the Middle East, Morocco offers Korea an attractive gateway to the African continent and beyond.
The partnership between the two countries, which celebrated 60 years of diplomatic relations last year, not only promises economic opportunities but also cultural exchange.
