Signed on July 25, 2024, the FTA between the UAE and Morocco is designed to eliminate trade barriers, promote mutual investments, and foster economic collaboration. The UAE’s Ministry of Economy emphasized that the agreement would facilitate smoother trade processes and open new avenues for economic growth, benefiting industries such as agriculture, manufacturing, and services.
Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, highlighted that the FTA would significantly boost trade volumes between the two countries. He noted that Morocco is a strategic partner for the UAE, and this agreement would further solidify their economic ties. The UAE is already one of Morocco's largest trading partners in the Arab world, and this FTA is expected to increase bilateral trade by 30% over the next five years.
Moroccan Minister of Industry and Trade, Ryad Mezzour, underscored the importance of this agreement for Morocco’s economic diversification strategy. He pointed out that the FTA would attract UAE investments into Morocco’s industrial and technological sectors, creating job opportunities and fostering innovation. Additionally, Moroccan exporters will gain preferential access to the UAE market, boosting the competitiveness of Moroccan goods.
The FTA includes provisions to protect intellectual property rights, streamline customs procedures, and enhance collaboration in areas such as renewable energy, technology, and tourism. It also aims to create a favorable environment for small and medium-sized enterprises (SMEs) from both countries to expand their operations and explore new markets.
Analysts believe that this agreement could serve as a model for future trade deals in the region, promoting economic integration and cooperation among Arab nations. The UAE’s proactive approach in establishing FTAs is part of its broader strategy to diversify its economy and reduce dependence on oil revenues. Morocco, on the other hand, seeks to enhance its industrial base and integrate more deeply into global supply chains.
The implementation of the FTA is expected to commence in early 2025, following the ratification process in both countries. This agreement comes on the heels of similar deals the UAE has signed with other nations, including Kenya and Turkey, as part of its ambitious plan to strengthen economic ties globally.
Economic experts predict that the UAE-Morocco FTA will lead to increased investments in key sectors such as renewable energy, tourism, and digital economy. Both countries are keen to leverage this agreement to promote sustainable development and achieve their economic goals.
This FTA represents a significant step forward in the UAE and Morocco’s bilateral relations, paving the way for enhanced economic cooperation and mutual prosperity. The focus on sectors like technology and renewable energy aligns with the global shift towards sustainable and innovative economic practices.
Sources:
- Arab News
- The National News
- Gulf News
- Khaleej Times
- Morocco World News