Parliament to discuss Morocco-Israel economic and commercial agreement in next legislature session

The Moroccan government submitted this week a bill to the Chamber of Representatives that seeks to ratify an economic and commercial cooperation agreement signed with the Israeli government in Rabat last February.

The bill will start its passage through Parliament in the Chamber of Representatives where MPs are expected to discuss, amend or ratify the bill in September, sources told Hespress.

The bill gives legal ground for Morocco and Israel to develop economic and trade relations, as well as promote and facilitate cooperation in order to increase the volume of trade between the two countries, according to the content of the agreement.

The provisions of the agreement stipulate that the principle of the free and fair flow of goods and services shall prevail in Israeli-Moroccan cooperation. 

Likewise, the bill seeks to remove any barriers to normal economic relations between the two nations, namely discriminatory laws, regulations and procedures.

In order to further expand trade between them, the two countries agreed to facilitate participation in trade fairs and economic events held in their territories, hold talks, exchange experiences, seminars, business visits, trade fairs, and study tours. 

The agreement involves cooperation between the two parties in matters of evaluation and regulatory issues, as well as the promotion of mutual cooperation between the private sector of both countries, such as cooperation between manufacturers associations, chambers of commerce and other business associations.

The bill also entails that all payments for goods and services shall be made in freely convertible currencies in accordance with the current regulations of both countries.

The legislation provides for the creation of a joint committee comprising the Moroccan Ministry of Industry and Trade and the Israeli Ministry of Economy and Industry.

Each will have the authority to review the implementation of the agreement, study ways and means to increase and diversify mutual trade relations, identify problems that prevent bilateral trade cooperation and propose solutions.

The bill will remain in effect for a period of five years from the date of its entry into force, after which it will be automatically extended for successive periods of five years unless it is terminated by either party.

The preamble to the agreement stated that Morocco and Israel wish to strengthen their diplomatic relations and expand their cooperation in the fields of innovation, trade, and economic ties to spread the benefits of peace across their societies.