The previous four-year deal had expired recently, forcing EU ships to leave Moroccan waters.
"The two parties agreed on the provisions and improvements made on the texts to optimize the positive impact and benefits for local populations in the concerned zones, while respecting the principles of sustainable management of sea resources and equity," the statement said on Friday.
Morocco and EU commend the constructive spirit that prevailed during the negotiations, which confirms both parties' attachment to reinforcing their partnership, the statement said.
The negotiations on the new deal were ongoing since April 20. The two parties pledged to take necessary measures for the enforcement of the fisheries agreement.
Some 120 vessels from EU countries, including 90 vessels from Spain, were fishing in the Moroccan waters. In the previous deal, Morocco got some 40 million euros ($46.9 million) every year for allowing the EU vessels to fish in its waters.
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