The United Kingdom and Morocco recently signed a trade agreement that is poised to strengthen economic ties between the two nations. The UK-Morocco trade agreement marks a significant step forward in the post-Brexit era, as the UK looks to diversify its trade partners outside of the European Union.
The agreement, signed on December 22, 2020, aims to reduce trade barriers and promote investment and business opportunities between the two countries. The UK is Morocco`s second-largest trading partner outside of the EU, with bilateral trade reaching £2.5 billion in 2019.
The agreement covers a range of sectors, including agriculture, fisheries, automotive, and textiles. It also includes provisions on intellectual property rights, investment protection, and public procurement. The agreement is expected to benefit UK businesses, particularly small and medium-sized enterprises (SMEs), by providing them with greater market access to Morocco.
Morocco is a growing economy with a population of over 36 million people, and the country is strategically located at the crossroads of Europe, Africa, and the Middle East. The trade agreement is expected to provide UK businesses with a gateway to the wider African market, as Morocco has trade agreements with other African countries.
The UK-Morocco trade agreement has been welcomed by business groups in both countries. The Confederation of British Industry (CBI) hailed the agreement as a “positive step for businesses” and a “boost for UK-Morocco trade relations.” The Moroccan government has also expressed its commitment to deepening economic ties with the UK.
The UK-Morocco trade agreement is an important milestone for the UK as it seeks to establish itself as a global trading nation post-Brexit. The agreement provides UK businesses with greater market access to a growing economy and opens up new opportunities for investment and business growth.
Overall, the UK-Morocco trade agreement is a positive development for both countries and is expected to strengthen economic ties and drive growth in key sectors. It is a clear example of the UK`s commitment to forging new trade partnerships outside of the EU and underscores the importance of international trade in a rapidly changing global landscape.