With growth and development steaming across the world, nations are establishing new partnerships and reviving the old ones to incorporate new strategies for progress. Following the trend, Chakib Alj, President, General Confederation of Moroccan Enterprises (CGEM) announced reinvigorating the Morocco-European Union trade and investment treaty.
Alj reportedly made the announcement during the CGEM and BusinessEurope meet, on the sideline of the 7th European Union-Africa Business Summit (EABF).
Apparently, the event emphasized on balancing the African-EU ties under the theme, ‘The modernization of Morocco-EU Association Agreement: for a stronger integration of European and African markets.’
As per credible sources, Chakib declared that strengthening the Morocco-EU Association Agreement will stir up opportunities and serve as a strong model for EU-Africa partnership.
Ajl called attention to Morocco’s efforts in solidifying ties between the two continents while restating the political steadiness along with financial, geographical and economic advantages of the country.
Alj stated that the Moroccan kingdom has become a reliable investment venture with high added value and a renowned African hub.
It has been reported that the two continents have similar challenges to cater to like immigration, supply chain instability, climate change along with alike vision for the future to propel trade and generate employment opportunities for young men and women.
Pierre Gattaz, President, BusinessEurope, mentioned that the Moroccan-EU Association Agreement needs to be adapted to the standard of 21st century to comply with the companies’ requirements, particularly across the digital economy.
Pierre stated that to foster the incorporation of their value chains, dissolvement of their non-tariff barriers and facilitation of service trade and foreign investment is vital.
However, Abdou Diop, President at CGEM’s African Commission claimed that the COVID-19 pandemic has generated a sense of awareness amongst the African countries to promote regional integration, growth of industrialization and foster the Made in Africa initiative.