Trade chief Yeo Han-koo meets Moroccan counterpart in Rabat

Yeo Han-koo, chief trade negotiator at South Korea's Ministry of Trade, Industry and Energy [Yonhap]
Yeo Han-koo, chief trade negotiator at South Korea's Ministry of Trade, Industry and Energy [Yonhap]

South Korea has agreed to move swiftly toward launching Comprehensive Economic Partnership Agreement negotiations with Morocco, a geostrategic hub linking Europe, the Middle East and North Africa. Morocco holds the world's largest reserves of phosphate rock, a key raw material for lithium iron phosphate batteries, and maintains an extensive free trade agreement network.

The Ministry of Trade, Industry and Energy said Friday that Yeo Han-koo, chief trade negotiator, visited Morocco to discuss ways to expand economic cooperation between the two countries.

On Thursday, Yeo met with Omar Hejira, Morocco's minister of state for foreign trade, to discuss measures to boost bilateral trade and investment.

The two sides agreed to establish a director-general-level working group to carry forward detailed discussions, with the aim of launching CEPA negotiations as soon as possible. A CEPA offers greater flexibility than a conventional free trade agreement in terms of structure and market-opening commitments, while broadening cooperation across a wider range of sectors.

Yeo reviewed the progress of South Korean companies' local projects — including Hyundai Rotem's plan to set up a rolling stock factory and LG Energy Solution's investment in a lithium refinery for battery production — and urged the Moroccan government to provide support and cooperation.

The two sides also exchanged views on cooperation across a range of industries, including shipbuilding and defense.

Yeo held a meeting with South Korean companies operating in Morocco to hear their concerns and said he would work to resolve them through bilateral consultation channels.

In addition, amid growing interest in Korean cosmetics in Morocco, Yeo visited a local store specializing in K-beauty products to assess their retail and sales performance and discuss ways to support Korean businesses.

"Morocco is an important gateway for Korean companies seeking to enter the African market," Yeo said. "We will strengthen cooperation between the two governments to underpin stable trade and investment activities for our businesses."


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