RABAT - Morocco and Israel on Monday signed a trade and economic cooperation agreement to facilitate investments, as the two countries look to broaden cooperation since they normalised ties in 2020.
The deal was signed in Rabat by Israeli Economy Minister Orna Barbiva and Morocco's Trade Minister Ryad Mezzour.
Israel is targeting an annual trade volume of $500 million (R7.5 billion) with a million cup from $131 million currently as the two countries look to broaden cooperation since they normalised relations in 2020, Israel's economy minister said on Monday.
Orna Barbiva made the statement following talks in Rabat with Moroccan industry and trade minister Ryad Mezzour, with whom she signed a trade and investment cooperation deal.
Under this deal, the two countries commit to facilitating trade and investments in the aerospace, automobile, agri-food, textile and pharmaceutical industries in particular, Mezzour told reporters.
“Morocco is an important country for Israel – politically, economically and culturally," said Barbivai, whose Moroccan-born husband is also making his first trip since leaving the country in 1957 at the age of 2.
"Despite the existing trade ties and the Israeli industry that exists in Morocco, the scope of economic cooperation is limited in relation to the potential, which, if realised, will significantly contribute to the economic welfare and growth of both countries," she said in a statement.
Bilateral trade has been small but on the rise, the ministry said, reaching $131 million in 2021.
Under this deal, the two countries commit to facilitating trade and investments in the aerospace, automobile, agri-food, textile and pharmaceutical industries in particular, Mezzour told reporters.
The agreement was part of the implementation of a deal to resume ties brokered by the Trump administration in 2020.
Reuters