The United Arab Emirates and Morocco have finalized the terms of a Comprehensive Economic Partnership Agreement (CEPA) that will launch a new chapter of mutually beneficial trade and investment ties between the two countries, Emirates News Agency (WAM) reported.
The conclusion of negotiations was confirmed by the signing of a joint statement by Dr. Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade, and Moroccan Minister of Industry and Trade Ryad Mezzour, WAM said.
Upon implementation, the UAE-Morocco CEPA will facilitate the free flow of goods and services by reducing or removing tariffs, eliminating unnecessary barriers to trade, improving market access for services, enhancing customs harmonization and establishing flexible rules of origin for goods.
It will also establish platforms for investment and private-sector collaboration in priority sectors such as renewable energy, tourism, infrastructure, mining, food security, transport, logistics, and ICT, WAM added.
The two countries shared $1.3 billion in non-oil trade in 2023, an increase of 30 percent on 2022 and 83 percent more than was recorded in 2019. The UAE is the largest Arab investor in Morocco with more than $15 billion invested in a variety of strategic projects.
