The United Arab Emirates and the Kingdom of Morocco have concluded negotiations geared toward reaching a complete financial partnership settlement between the 2 sister international locations.
The ultimate touches have been accomplished on the phrases of this historic settlement, which establishes a brand new period of joint financial progress, inside the means of fraternal relations between the 2 international locations.
The Minister of State for Overseas Commerce, Dr. Thani bin Ahmed Al-Zeyoudi, and the Moroccan Minister of Trade and Commerce, Riad Mazour, signed a joint assertion to announce the profitable completion of the negotiations and the ultimate phrases of the settlement.
Dr. Thani bin Ahmed Al-Zeyoudi welcomed the profitable conclusion of the Complete Financial Partnership Settlement negotiations with Morocco and the arrival of its last phrases, in preparation for its signing at a later date.
He mentioned: “The Complete Financial Partnership Settlement between the UAE and Morocco is a vital addition to this system of worldwide financial agreements that the nation continues to implement, with the intention of networking increase commerce and funding companions around the globe, and on the identical time. concluding promising partnerships with markets of strategic significance regionally and internationally on the worldwide commerce map. The settlement goals to realize mutual pursuits, particularly in sectors akin to tourism, power, manufacturing and agriculture, and to realize long-term prosperity for the 2 fraternal peoples.
On the identical time, Riad Mazur mentioned that the settlement inside the framework of the implementation of the content material of the declaration signed by the management of the 2 international locations on December 4, 2023 in Abu Dhabi, which goals at a brand new partnership -conventional, renewed and established between the 2 international locations. two brotherly international locations.
He mentioned, “The scope of the settlement goes past the realm of liberating commerce exchanges, to incorporate a number of areas associated to investments and financial cooperation, which makes it a mannequin a framework for laying strong foundations to extend the extent of cooperation within the economic system and funding. subject.”
The settlement, after being formally signed at a later date after which ratified and applied, goals on the free stream of products and companies between the 2 sister international locations put it on the market by eradicating pointless limitations to commerce, creating versatile guidelines of origin for items, bettering entry to markets for companies, and growing customs coordination.
The settlement additionally creates new platforms to advertise the stream of mutual investments and construct partnerships between the personal sector and enterprise communities on either side, specializing in precedence sectors, akin to renewable power, tourism , infrastructure, mining, meals safety, transport, logistics, info and communication expertise, and others.
Non-oil overseas commerce between the UAE and Morocco sees a dramatic improve, reaching $1.3 billion in 2023, a rise of 30% in comparison with 2022 and a progress of greater than 83% from its pre-pandemic ranges world, particularly in 2019.
The UAE can also be the biggest Arab investor in Morocco, with complete investments amounting to $15 billion in numerous strategic tasks.
The Kingdom of Morocco is the sixth largest economic system on the African continent. In 2023, the gross home product reached $152.4 billion. It’s anticipated to develop by 3.5% by the tip of this yr, and there are promising prospects for the expansion and growth of the Moroccan economic system, particularly the companies sector, which contributes considerably to the gross home product at 54%, and the sector enterprise, which contributes 23%.
It must be famous that this system of complete financial partnership agreements goals to increase the community of commerce and funding companions of the nation, to be able to obtain the strategic aim of accelerating the UAE’s overseas commerce in non- to convey oil to 4 trillion dirhams by 2031.
The optimistic impression of the agreements entered into, inside the program, is mirrored within the UAE’s non-oil overseas commerce, which continues to realize unprecedented ranges and better progress within the years 2022, 2023 and the primary half of this. yr.
Thani Al-Zayoudi:
• The Complete Financial Partnership Settlement between the UAE and Morocco is a vital addition to this system of worldwide financial agreements that the nation continues to implement, with the intention of networking its companions increase commerce and funding around the globe.
2024-07-28 00:05:00
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