Chile and Morocco's Pioneering Trade Agreement
In a significant development for international trade, Chile and Morocco have embarked on formal negotiations to establish a free trade agreement, marking a historic milestone as it will be the first such agreement between Chile and an African nation, as well as Morocco's inaugural trade deal with a Latin American country. The joint declaration was signed by Paula Estévez, Chile’s Undersecretary for International Economic Relations, and Omar Hejira, Morocco’s Secretary of State for Foreign Trade, during an event held in Morocco. This agreement aims to enhance the exchange of goods and services, establishing a modern legal framework that supports diversified investment opportunities for both countries.
Estévez emphasized the importance of this initiative, stating that it represents a promising beginning towards a comprehensive trade agreement with Morocco. She highlighted Morocco's emerging economy, which is characterized by its openness to foreign investment and a vibrant population of approximately 40 million, indicating substantial growth potential. Furthermore, she pointed out that Morocco's strategic geographic position serves as a gateway to the African continent, a region where Chile currently lacks trade agreements, thus presenting an excellent opportunity for economic expansion.
This negotiation process occurs in the context of a rapidly growing economic relationship between Chile and Morocco, evidenced by a remarkable increase in bilateral trade, which surged from $10.4 million in 2003 to an anticipated $80.3 million by 2025. This reflects an impressive average annual growth rate of 31.5% over the past five years, showcasing the increasing interdependence and mutual benefits expected from this evolving partnership.
As reported by en.yabiladi.com.
