Morocco, Israel pave way for economic & trade cooperation

Morocco and Israel signed an economic cooperation deal aiming at facilitating investments in key industrial and innovative fields.

The deal was signed in Rabat by visiting Israeli economy minister Orna Barbivai and Moroccan trade and industry minister Ryad Mezzour.

Mezzour said the deal will open prospects for trade and for investments in key industries in Morocco, citing in particular renewable energies and water management technologies as well as the automotive, aerospace, pharmaceutical, textile and agri-food industries.

The agreement aims, among other things, at creating qualified industrial zones in Morocco which will make it possible to concretize the tripartite Morocco-Israel-United States cooperation, primarily in the field of trade and investment, and to facilitate the direct access of goods produced in these zones to the American market.

It also provides for holding regular joint business committees to encourage investors, notably in innovative and highly technological fields, Mezzour told the press.

He said the deal comes in implementation of an agreement signed by the two countries in December 2020 when they agreed to resume diplomatic ties, launch direct flights and boost trade.

For her part, the Israeli minister said trade between the two countries is set to grow from 131 million dollars to 500 million dollars at least.

Barbivai held talks earlier with finance and economy minister Nadia Fettah Alaoui on future cooperation in the fields of customs, investment promotion and double taxation.

Morocco runs a surplus in its trade with Israel of $70 million, according to Israeli figures. Rabat exports transport and agri-food equipment.

The Israeli Economy and Industry Minister arrived in Morocco on Sunday for a three-day visit.

This is the third visit by an Israeli minister (after those of the foreign and defense ministers) since the normalization of relations between the two countries.