Israel and Morocco signed a new economic cooperation and trade agreement to increase bilateral ties between the two countries, Israel’s Ministry of Economy and Industry announced on Monday.
Israel’s Economy and Industry Minister Orna Barbivay said she hoped to increase bilateral trade to $500 million within five years (It currently stands at $131 million.) She also said the agreement was designed “to bring about economic growth and prosperity for Israel and Morocco. By working together we will realize the latent economic potential in bilateral relations, increase the scope of trade and strengthen technological cooperation alongside rapprochement between the peoples.”
Barbivay signed the deal with Moroccan Industry and Trade Minister Ryad Mezzour.
“This was an initial meeting that created for us the opportunity to identify areas and channels for cooperation and for bilateral industrial and commercial cooperation. After resuming diplomatic relations one year ago, today Morocco and Israel have laid the foundation for an innovative and multi-faceted partnership. Today marks a new stage in which we will embark together on a partnership that is intensive, productive, and beneficial for both sides,” he said, according to a statement from the Israeli ministry.
The agreement aims to facilitate trade in areas such as aerospace, automotive, agriculture, food, tourism, and pharmaceutical industries, the ministers said.
Morocco is one of four Arab countries, along with the United Arab Emirates, Bahrain, and Sudan, to normalize ties with Israel, under the Abraham Accords, first brokered with the UAE in 2020.
Israeli Defense Minister Benny Gantz visited Morocco in November 2021 to sign a security pact in a first-ever defense agreement between Israel and an Arab country.