Korea, Morocco to push for launch of CEPA talks for deeper economic cooperation

Korea and Morocco have agreed to work to swiftly begin negotiations for a bilateral comprehensive economic partnership agreement (CEPA) in a bid to expand trade and industrial cooperation between the two countries, Seoul's Ministry of Trade, Industry and Resources said Friday.

The agreement was made during a meeting between Korean Trade Minister Yeo Han-koo and his Moroccan counterpart, Omar Hejira, in the North African nation on Thursday, according to the Trade Ministry.

A CEPA is a type of free trade agreement that emphasizes a broad scope of economic cooperation and exchanges in addition to market opening.

During the meeting, Yeo asked Rabat to support various investment projects by Korean companies in the country, including Hyundai Rotem's construction of a rail car manufacturing facility and LG Energy Solution's investment in a lithium refinery, the ministry said.

The two sides also discussed cooperation in other key industries, including shipbuilding and defense, the ministry added.

"Morocco is a key emerging economy in North Africa serving as a strategic hub connecting Europe, the Americas, the Middle East and Africa, and the only African country that has signed free trade agreements with major economies, such as the United States and the European Union," Yeo said in a press release, calling the country a "key gateway" for Korean companies entering the African market.

Yonhap