RABAT, March 2 (Xinhua) -- Morocco and Paraguay reached a deal to promote bilateral economic and trade relations on Friday.

The agreement was signed during a working session between Miriem Bensalah Chaqroun, the chairwoman of the Moroccan Employers' Association (CGEM), and Paraguayan Minister of Industry and Trade Gustavo Leite, in Morocco's largest city Casablanca.

The meeting, which brought together Moroccan businessmen operating in the agri-food, finance, distribution and real estate sectors, was an opportunity to explore investment opportunities offered to the two business communities, CGEM said in a statement.

The two sides underlined the importance of Moroccan and Paraguayan markets, which could serve as gateways to larger markets of Latin America, Africa and Europe, it added.

They also stressed the important role of the private sector in developing trade and economic partnership between Rabat and Asuncion.

In 2016, the two countries inked several partnership agreements, which covered the exchange of expertise in the tourism sector and establishing cooperation in the fields of energy and climate change.