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Israel, Morocco to quadruple their annual trade to $500m

February 22, 2022 at 3:22 pm

Israeli Defence Minister Benny Gantz (R) and Moroccan Defence Minister Abdellatif Loudiyi (L) in Morocco on 24 November, 2021 [@gantzbe/Twitter]

Israel and Morocco signed a new bilateral agreement yesterday aimed at increasing economic ties up to an annual trade volume of $500 million within five years, reported the Times of Israel.

Israel’s Foreign Trade Administration at the Ministry of Economy and Industry said that the agreement aims to facilitate trade in the aerospace, automobile, agri-food, textile and pharmaceutical industries.

Economy Minister Orna Barbivai, who arrived in Morocco on Sunday for a visit, said the accord “is intended to bring about economic growth and prosperity for Israel and Morocco,” as Israel hopes to “increase bilateral trade between the two countries from $131 million to $500 million in the next five years.”

The Israeli minister is planning to visit the kingdom’s economic capital Casablanca and tourist centre Marrakech. He will also tour Israeli textile and agricultural companies.

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At a joint press briefing yesterday, Moroccan Minister of Industry and Trade Ryad Mezzour said the “groundbreaking meeting” with the Israeli delegation headed by Barbivai “created the opportunity for us to identify regions and channels for bilateral industrial and commercial cooperation and partnership,” according to a ministry statement.

“After more than a year of renewed diplomatic ties, Morocco and Israel laid the foundations for an innovative, multi-dimensional partnership,” he added. “This is a new day where we embark on an intense, fruitful, and beneficial partnership for both parties.”

The agreement comes after Israel and Morocco concluded a multimillion dollar deal over the sale of Barak MX, an Israeli air defence system, Globes reported last week. The Barak MX missile defence system can protect against a range of missile threats and unmanned aerial vehicles (drones).

Morocco announced the normalisation of ties with Israel last year in return for getting US recognition of its sovereignty over the Western Sahara.

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