Peru and Morocco initiate negotiations for promising trade agreement.

The Ministry of Foreign Trade and Tourism (Mincetur) of Peru announced that negotiations will begin with Morocco to establish a trade agreement that strengthens the economic relations between the two countries. The news comes after a meeting between the head of Mincetur, Juan Carlos Mathews, and his counterpart from Morocco, Ryad Mezzour, where they expressed mutual interest in advancing towards a free trade agreement. The meeting took place during the 13th Ministerial Conference of the World Trade Organization in Abu Dhabi, where the complementarity of the economies of Peru and Morocco was highlighted, as well as the potential to expand trade between the two nations. Mathews emphasized the importance of seizing the opportunities offered by the Moroccan market, considered one of the most promising in Africa. According to data from Mincetur, Peruvian exports to Morocco reached US$15 million in 2023, with non-traditional products being the most demanded. Among the Peruvian products that could benefit from a trade agreement are sugar, chocolate, rice, canned tomatoes, polyethylene, anthracite, and sweaters. It is expected that a free trade agreement will facilitate access to the Moroccan market for these products, thus boosting the growth of Peruvian exports. Minister Mathews underscored the importance of establishing agreements that provide certainty to commercial operators, allowing them to plan their operations in the long term. He also highlighted that the fishing, agricultural, and metallurgical sectors in Peru would particularly benefit from a trade agreement with Morocco, which would contribute to revitalizing trade between the two countries. In a global context of seeking strategic trade alliances, the initiative of Peru and Morocco to negotiate a trade agreement represents an opportunity to strengthen economic ties and promote greater growth and development in both nations.