Egypt and Morocco have signed a broad set of agreements covering industrial cooperation, investment, and double taxation avoidance, signaling a move to deepen economic ties between the two North African nations. The signing ceremony, attended by Egyptian Prime Minister Mostafa Madbouly and his Moroccan counterpart Aziz Akhannouch, took place in Cairo’s New Administrative Capital.
Quick Facts
- Agreements signed cover investment, industry, and double taxation.
- Protocols also include energy, health, tourism, and agriculture.
- The pacts aim to strengthen bilateral economic relations.
Forging Economic and Industrial Ties
A key component of the new partnership is an industrial cooperation protocol, signed by Egyptian Minister of Industry Khaled Hashem and Moroccan Minister of Industry and Trade Ryad Mezzour. This aims to create more integrated supply chains and foster joint manufacturing projects.
On the financial front, Egyptian Finance Minister Ahmed Kouchouk and Moroccan Economy and Finance Minister Nadia Fettah signed two significant treaties. The first facilitates mutual administrative assistance in customs matters, while the second is designed to avoid double taxation and prevent income tax evasion, a move that could simplify cross-border business operations.
Streamlining Investment and Cross-Border Collaboration
To boost capital flows, Egypt’s General Authority for Investment and Free Zones and the Moroccan Agency for Investment and Export Development formalized their collaboration through a memorandum of understanding (MoU). This agreement, signed by Egypt’s Minister of Investment and Foreign Trade, Mohamed Farid, and Karim Zidane, Morocco’s Minister Delegate for Investment, is expected to encourage direct investment between the two countries.
Diplomatic and institutional cooperation was also a focus. Foreign Ministers Badr Abdelatty of Egypt and Nasser Bourita of Morocco signed an MoU between their respective diplomatic training institutes. Their signatures also ratified agreements in housing, electricity, renewable energy, health, pharmaceuticals, and tourism.
Expanding Cooperation Across Key Sectors
The partnership extends to environmental and agricultural challenges, with an MoU to combat desertification signed by Egyptian Minister of Agriculture Alaa El-Din Farouk and Moroccan Minister of Agriculture Ahmed El Bouari.
Cultural and social ties were also strengthened. Agreements were signed to promote cooperation in sports, youth affairs, and culture, with Egyptian Minister of Youth and Sports Gohar Nabil and Egyptian Minister of Culture Jihan Zaki signing deals with Morocco’s Minister of Youth, Culture and Communication, Mohamed Mehdi Bensaid.
About The Egyptian-Moroccan Coordination and Follow-up Committee
The Egyptian-Moroccan Coordination and Follow-up Committee is a high-level bilateral body established to enhance and monitor cooperation between the two nations. Co-chaired by the prime ministers of Egypt and Morocco, its mandate is to oversee the implementation of agreements and identify new opportunities for partnership across economic, political, and cultural domains. The recent meeting in Cairo marked the committee’s first session.
Source: Zawya
