Morocco and Israel signed, in Rabat, an economic and trade cooperation agreement with the ambition of quadrupling their trade exchanges by bringing them to more than 500 million dollars per year.
“The level of economic and commercial exchanges between the two countries, which today amounts to 130 million dollars per year, is not enough, we must very quickly reach 500 million dollars per year, and even go beyond,” Israeli Minister of Economy and Industry, Mrs. Orna Barbivai, told the press, following the signing of this agreement with her Moroccan counterpart, Ryad Mezzour.
The agreement provides in particular for discussions for the creation of industrial zones which will make it possible to concretize Morocco-Israel-United States cooperation in the field of trade and investment and to facilitate direct access of goods produced in these zones to the American market.
It also plans to boost cooperation between the private sector of the two countries and the exchange of expertise in the field of innovation, according to Ryad Mezzour who also mentioned sectors with “high investment potential” including the sector digital, agri-food, automotive, aeronautics, renewable energies and the pharmaceutical industry.
According to the Israeli minister, “the economic cooperation agreement is designed to promote the economic growth and prosperity of Israel and Morocco. By working together, we will realize the latent economic potential of bilateral relations, increase the scope of trade exchanges and strengthen technological cooperation alongside people-to-people rapprochement”.
As a reminder, cooperation between Morocco and Israel has developed at an accelerated rate since the reestablishment of diplomatic relations between the two countries within the framework of the Abraham Accords negotiated by the United States at the end of 2020.