Free trade agreements between South Korea and 7 emerging economies, including Morocco

South Korea is seeking to conclude free trade agreements with 7 emerging countries with high potential, including Morocco, Kenya and Thailand, in an effort to boost growth momentum and diversify its trade portfolio, the Korean Ministry of Commerce said, according to Yonhap.

The ministry said during a public hearing in Seoul that the country is working on concluding bilateral economic partnership agreements with Kenya, Tanzania, Morocco, Thailand, Pakistan, Serbia and the Dominican Republic.

The Economic Partnership Agreement aims to create a mutually beneficial trade network with partner countries, beyond just opening the market, although it covers a smaller range of areas compared to a traditional Free Trade Agreement.

The ministry said that Morocco has a rich network of free trade agreements and is an important country in terms of geographical economy.

No Kyun-Ki, Deputy Minister for trade negotiations, said the seven countries have high growth potential and have a wide scope for mutually beneficial cooperation with South Korea.