Ecuador's Push for a Free Trade Agreement with Morocco
Ecuadorian exporters are optimistic that the recent visit by Foreign Minister Gabriela Sommerfeld to Morocco will pave the way for vital discussions aimed at negotiating a Free Trade Agreement (FTA) at the earliest opportunity. This sentiment was expressed by Xavier Rosero, the president of the Ecuadorian Federation of Exporters (Fedexpor), in an interview with EFE. He highlighted that the tariffs imposed on Ecuadorian products range between 30% and 50%, which is excessively high and poses significant barriers to trade.
Currently, Minister Sommerfeld is engaged in Morocco to advance the implementation of a memorandum of understanding that was signed between Fedexpor and the General Confederation of Moroccan Enterprises (CGEM) back in January. Rosero mentioned that she is scheduled to meet with Moroccan Foreign Minister Nasser Bourita, during which they hope to clear the path for a swift commercial agreement.
Strengthening Bilateral Trade and Investment Opportunities
Sources from the Ministry of Foreign Affairs elaborated on the primary objectives of this diplomatic mission, emphasizing the need to enhance commercial exchanges, open new investment opportunities, and create jobs. On Thursday, Minister Sommerfeld held discussions with Fedexpor and Moroccan business leaders, where she underscored Ecuador's openness to the participation of new stakeholders and the importance of cooperation to achieve common developmental goals.
The memorandum signed in January aims to facilitate the entry of Ecuadorian products into the Moroccan market, promote investments, and foster business partnerships, as part of a broader strategy to diversify Ecuador’s export destinations and establish a foothold in Africa. This document also outlines the formation of the Morocco-Ecuador Business Council, envisioned as a platform to connect businesses from both nations and develop joint initiatives, such as business missions, specialized workshops, and participation in trade fairs and sector meetings.
During the two-day visit to Morocco, representatives from ten Ecuadorian companies specializing in cacao and its derivatives, bananas, and roses are also participating. The agenda for the federation of exporters includes meetings with Morocco's Phosphate Office (OCP) to explore sourcing opportunities. Additionally, they will attend meetings in Tangier with local authorities, visit the port to assess its logistical capabilities, and engage in business discussions with Moroccan enterprises to strengthen direct ties.
Furthermore, a meeting with Morocco's Minister of Industry and Trade is planned as part of ongoing efforts to solidify the bilateral economic relationship.
As reported by vistazo.com.
