South Korea is actively engaged in negotiations to establish free-trade-type agreements (FTAs) with seven emerging and high-potential countries, including Morocco. The aim is to bolster economic growth and enhance trade diversity, according to the South Korean Ministry of Industry. Alongside Morocco, South Korea is also pursuing bilateral economic partnership agreements (EPAs) with Kenya, Tanzania, Thailand, Pakistan, Serbia, and the Dominican Republic. These EPAs are designed to establish a mutually beneficial trade network that goes beyond basic market access, covering specific areas of collaboration.
A recent public hearing was held in Seoul to discuss these agreements, highlighting South Korea’s commitment to expanding its trade footprint with these promising countries. Roh Keon-ki, South Korea’s vice minister for trade negotiations, emphasized the growth potential of these partner countries and their capacity for mutually advantageous cooperation with South Korea.
These agreements offer an opportunity for South Korea to leverage the economic potential of these nations as stepping stones for further trade expansion. South Korea, as Asia’s fourth-largest economy, aims to finalize FTAs with over 10 countries and establish trade promotion frameworks with more than 20 countries within the current year.
Recent trade data, as of June 2023, demonstrates a favorable trade balance between South Korea and Morocco, with a positive balance of $24.6 million. Exports from South Korea to Morocco surged by over 70%, reaching $37.4 million—a clear indicator of growing economic ties.
South Korea’s strategic interest in Morocco is driven by its advantageous location in Africa and Europe, offering enticing prospects for the Korean economy. Key sectors like railways, renewable energies, and the automotive industry are particularly attractive to investments from South Korea, showcasing the potential for collaboration between the two nations.