SEOUL, June 12 (AJP) - South Korea has agreed with Morocco to begin talks to expand trade and industrial cooperation, the Ministry of Trade, Industry and Resources said on Friday.
According to the ministry, Trade Minister Yeo Han-koo visited Morocco earlier in the week and met with his Moroccan counterpart Omar Hejira to discuss ways to boost trade and investment and broaden economic cooperation between the two countries.
During their talks, both sides agreed to form a consultative body for working-level discussions on a Comprehensive Economic Partnership Agreement (CEPA) and to work closely to start negotiations as soon as possible.
A CEPA is a broader form of a free trade agreement with greater flexibility in market opening and expanded cooperation to include areas such as investment and industrial collaboration.
South Korea aims to expand economic cooperation with Morocco to strengthen its foothold for South Korean companies entering African markets. Located at a strategic geographic hub linking Europe, Africa, and the Middle East, the North African country has signed free trade agreements with major economies including the United States and the European Union.
Yeo asked Hejira for support and cooperation to ensure that business projects by South Korean companies proceed smoothly including Hyundai Rotem's plan to build a plant for electric railcars and LG Energy Solution's investment in a lithium refinery for battery production.
After the meeting, Yeo met with South Korean businesspeople in Morocco to hear about their difficulties and concerns and pledged to reflect them in bilateral consultations.
He also visited a cosmetics store amid growing interest and demand for South Korean beauty products in Morocco, where he said the government will look for ways to support companies seeking to expand their presence in the market.
"As Morocco is an important gateway for South Korean companies' entry into African markets, we will strengthen biliteral cooperation to expand trade and investment," Yeo said.
According to the ministry, Trade Minister Yeo Han-koo visited Morocco earlier in the week and met with his Moroccan counterpart Omar Hejira to discuss ways to boost trade and investment and broaden economic cooperation between the two countries.
During their talks, both sides agreed to form a consultative body for working-level discussions on a Comprehensive Economic Partnership Agreement (CEPA) and to work closely to start negotiations as soon as possible.
A CEPA is a broader form of a free trade agreement with greater flexibility in market opening and expanded cooperation to include areas such as investment and industrial collaboration.
South Korea aims to expand economic cooperation with Morocco to strengthen its foothold for South Korean companies entering African markets. Located at a strategic geographic hub linking Europe, Africa, and the Middle East, the North African country has signed free trade agreements with major economies including the United States and the European Union.
Yeo asked Hejira for support and cooperation to ensure that business projects by South Korean companies proceed smoothly including Hyundai Rotem's plan to build a plant for electric railcars and LG Energy Solution's investment in a lithium refinery for battery production.
After the meeting, Yeo met with South Korean businesspeople in Morocco to hear about their difficulties and concerns and pledged to reflect them in bilateral consultations.
He also visited a cosmetics store amid growing interest and demand for South Korean beauty products in Morocco, where he said the government will look for ways to support companies seeking to expand their presence in the market.
"As Morocco is an important gateway for South Korean companies' entry into African markets, we will strengthen biliteral cooperation to expand trade and investment," Yeo said.
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