The agreement is also looking to facilitate fishing vessels from the bloc to be subjected to regulations by the North African country.
The deal known as the Sustainable Fisheries Partnership Agreement (SFPA) which was endorsed by MEPs on Tuesday covers the legal, environmental, economic and social regulation of EU fishing vessels in Morocco and Western Sahara waters.
It was adopted after 415 MEPs voted in favour, 189 against and 49 abstained.
According to the EU, the agreement will come into force for an indefinite timespan, but the protocol, creating the fishing opportunities, will apply for four years.
The new protocol gives EU vessels access to Moroccan waters covered by the agreement.
It also gives EU vessels access to the nearby waters of the non-autonomous territory of Western Sahara.
The SFPA is integral to broader Moroccan-EU relations under the Euro-Mediterranean Agreement.
It will give new direction to establishing dialogue on fisheries governance between the two parties.
The details of the agreement lend importance to the outcome of a consultation conducted by the European External Action Service and the Commission.
Through the course of their consultation, it was found that most of those interviewed had called for a new fisheries agreement with Morocco.
Given the inclusion in earlier agreements of the disputed enclave of Western Sahara, the Polisario Front had opposed it as a matter of principle.
An assessment carried out during the consultation sought to ascertain that the deal benefit local people in this region.
The agreement will affect at least 141 companies engaged in the processing of fisheries products and employing roughly 90 000 people directly or indirectly.
According to the EU, the fishing opportunities that could result from the deal is estimated at 153.6 million euros. “48.1 million for the first year, 50.4 for the second and 55.1 for the last two years” the statement said.
The application of the agreement will be monitored by a joint EU-Morocco committee which will be established in due course.
Morocco’s last protocol with the EU expired on 14 July 2018.