Morocco and Israel signed an economic cooperation agreement worth USD 500 million annually this Monday, February 21, aiming to increase the trade exchange volume between the two countries.
The agreement was signed during a ceremony held in Rabat, chaired by Morocco’s Minister of Industry and Trade Riad Mazour, and Israeli Minister of Economy Orna Barbivai, who arrived in Morocco on Sunday for a three-day official visit.
The agreement is focused on both commercial and industrial activity in Morocco, as Israel seeks to develop cooperation in both fields with the Kingdom.
The new agreement is part of the activation and implementation of the December 22, 2020, joint declaration both countries signed, after Morocco’s announcement of normalization of diplomatic relations with Israel.
The economic cooperation agreement projects the creation of qualified industrial zones in Morocco, to reflect the tripartite cooperation between Morocco, Israel and the United States of America in the field of trade and investment, and to facilitate direct access to American markets for goods produced in Morocco.
The agreement also provides for joint participation in trade fairs and economic forums that will be organized in both countries, exchanging experiences, organizing promotional events, and visits for businessmen.
Procedures and administrative processes are also included in the agreement, measures such as establishing bilateral cooperation on standardization and legalization issues between private sector actors in both countries.
The fields of industrial and commercial research and development are provided for, in addition to new endeavors towards innovation and the optimization of small and medium-sized enterprises’ outputs.
In a statement to the press on the occasion of the signing of the agreement, Minister Mazour revealed that businessmen delegations from both countries “identified sectors with high investment potential,” to be the center of the new agreement.
The agreement will therefore cover Industry 4.0, the food industry, the automotive and aviation sectors, textiles, water technologies, renewable energies, service relocation, pharmaceuticals, and the manufacturing and sale of medical technology and machinery.
The Moroccan Minister announced that he had agreed with his Israeli counterpart to hold the first session of the mixed committee stipulated in the economic and trade cooperation agreement and to organize a forum for businessmen in the two countries soon.
Mazour additionally indicated that the meeting with Barbivai was an occasion for both parties to reiterate their shared ambition “to build an innovative, multidimensional, intensive, fruitful and mutually profitable partnership.”
For her part, Israeli Economy Minister Orna Barbivai said that “cooperation between Morocco and Israel is very natural, given the history, human relations and culture that bind the two countries strongly.”
The Israeli official added that “Israel is well aware of the importance of Morocco’s position with regard to Europe and Africa,” adding that her government “has no doubt that this cooperation will serve both countries.”
Barbivai considered that the level of trade exchange between the two countries, which amounts to about USD 130 million a year, is insufficient, and stressed the need to move quickly to reach the level of an annual USD 500 million, if not more.
According to the statements of the Israeli minister, joint working teams have been set up between both countries, and have been tasked with the implementation of the agreement to achieve the common goals set by Morocco and Israel.
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