Seoul and Rabat Aim for Economic Cooperation
On June 12, 2026, the South Korean government announced its intention to commence negotiations with Morocco for a Comprehensive Economic Partnership Agreement (CEPA) aimed at enhancing trade and industrial collaboration between the two nations. This decision was made public following a meeting between South Korea's Minister of Trade, Yeo Han-koo, and his Moroccan counterpart, Omar Hejira, held in the North African country. The proposed CEPA is designed to not only facilitate free trade but also expand the avenues for economic cooperation and exchange.
During their discussions, Minister Yeo urged the Moroccan government to support various investment initiatives undertaken by South Korean companies, including Hyundai Rotem Co.'s establishment of a railway vehicle manufacturing plant and LG Energy Solution Ltd.'s plans for a lithium refining facility. Additionally, the two officials explored potential collaborations in other sectors such as shipbuilding and defense, emphasizing the importance of mutual support in fostering economic growth.
Minister Yeo highlighted Morocco's status as a significant emerging economy in North Africa, serving as a strategic hub that connects Europe, the Americas, the Middle East, and Africa. He pointed out that Morocco is the only country in the region that has forged free trade agreements with major economies, including the United States and the European Union. This makes Morocco a vital gateway for South Korean enterprises aiming to penetrate the African market. The forthcoming CEPA negotiations are anticipated to strengthen bilateral ties and open new opportunities for both nations.
As reported by fr.yna.co.kr.
