Da Silva: Moroccan king visit opens 'significant opportunities' for bilateral cooperation

The visit of king Mohammed VI to Brazil, second leg of his five-nation Latin American tour, will open "significant opportunities" for cooperation between the two countries, affirmed President Lula Da Silva of Brazil.

"I am sure that the visit of your Majesty - first of a Moroccan monarch to Brazil- will open significant opportunities of exchange and cooperation between Our two countries," said the Brazilian president in an exchange of toasts at a lunch hosted on the honor of king Mohammed VI.

The Brazilian president said a mission of heads of enterprises will visit Morocco to explore business opportunities, noting that trade exchanges between the two sides will be further consolidated through the establishment of a free trade zone between the Kingdom and the south American group Mercosur (Brazil, Argentina, Uruguay, Paraguay).

He said a first step was made to this aim through the signing of a framework agreement on Morocco-Mercosur trade.

The framework agreement signed Friday between the two sides is designed to foster relations between Morocco and the four Mercosur countries, and create negotiations mechanisms with view to establishing a free-trade zone in conformity with the regulations of the World Trade Organization (WTO).

The two sides agreed to conclude an accord establishing "fixed preferences" to increase exchanges by securing access to their respective markets.

They also agreed to organize periodic negotiations to enlarge the framework of the preferential accord, and to set up a negotiation committee for information exchange.

Under the agreement, the two countries will encourage all activities meant to promote trade and investment through joint projects and the organization of trade missions and economic forums.

The Brazilian president praised Morocco's support to rapprochement between South American countries and Arab countries, notably through the organization next May of an Arab-south American summit.

"The decision of your Majesty to privilege the Atlantic vocation of Morocco joins the resolve of my government to re-launch Brazil relations" with Africa and the Arab world, he said.