Morocco-Mexico sign agreement to strengthen bilateral trade
The General Confederation of Moroccan Enterprises (CGEM) and the Confederation of Industrial Chambers of Mexico (CONCAMIN), leading business bodies of Morocco and Mexico, have signed a memorandum of understanding (MoU) on September 22nd.
According to an official statement by CGEM, the MoU is aimed at solidifying economic and industrial ties between the two countries.
CGEM President Chakib Alj and CONCAMIN President Alejandro Malagón Barragán signed the agreement, which plans to improve investment and partnership opportunities between Morocco and Mexico across common sectors, expanding bilateral trade.
Additionally, the MoU aims to encourage joint industrial and trade fairs, thereby strengthening communication between the business communities of the two countries. It also intends to promote policies that will kickstart bilateral investment and trade.
The agreement specifies plans to set up a joint commission to coordinate and monitor cooperation programs, making way for specific agreements as well as the possibility of joint agreements.
Alj stated that the signing of the agreement intends to reinforce economic cooperation and encourage new partnerships between Morocco and Mexico, paving the way for an increase in investment projects that will strengthen ties between the countries’ private sectors. He continued to emphasise Morocco’s commitment to diversifying trade and exploring joint investment prospects across major sectors, including industry, agri-food, tourism, renewable energy and technological innovation.
In a statement, Barragán noted that Morocco and Mexico are prepared to explore new areas of partnership and alignment across several industrial sectors, notably the pharmaceutical and food industries.
The Embassy of Morocco in Mexico organised the visit, with the objective of reinforcing bilateral economic and trade relations, and exploring new opportunities for investment and partnership. Moroccan ambassador to Mexico, Abdelfattah Lebbar, was also present at the signing.
Morocco’s rapid economic growth, with diverse natural and industrial assets, offers strong promise for interdependence with Mexico, establishing long-term cooperation between the two countries.
The MoU forms part of an economic mission led by the CGEM to Mexico, taking place September 22 – 25.
CGEM, Maghrebi.org
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