HIBAPRESS
Morocco and Ecuador signed, on Tuesday, a memorandum of understanding aimed at strengthening economic and trade relations between the two countries, by establishing a permanent mechanism for bilateral dialogue and expanding areas of exchange and investment.
The agreement was signed between the Minister of Production, Foreign Trade, Investment and Fisheries of Ecuador, Luis Alberto Jaramillo, and the Moroccan Minister of Industry and Trade, Ryad Mezzour, in a step described as representing a new phase in relations between Rabat and Quito. The agreement provides for the establishment of a joint economic and trade committee (JETCO), which will serve as a permanent framework for consultation between the two sides, with the aim of identifying investment opportunities, diversifying trade exchanges, and working to remove barriers that impede trade between the two countries. The agreement also seeks to expand the access of Ecuadorian products to the Moroccan market, in addition to preparing for the holding of a bilateral business council in the city of Quito next September, which may pave the way for opening negotiations on future trade and investment agreements. The Ecuadorian side confirmed that this step represents a new beginning in the path of bilateral relations, especially with regard to encouraging investments and expanding exports to new markets, while the Moroccan market includes about 39 million consumers. Diplomatic relations between the two countries date back to 1999, while Morocco joined the Andean Community in 2020 as an observer member, to be the first Arab and African country to obtain this status within the regional bloc.
