Israel‘s economic minister said on Monday that the country aims to increase its annual trade volume with Morocco to $500 million by 2020, from the current level of $131 million. The two nations have been working to expand cooperation since normalising relations in 2020, according to the minister.
Orna Barbivai made the announcement following discussions in Rabat with Moroccan Industry and Trade Minister Ryad Mezzour, with whom she signed a memorandum of understanding on trade and investment collaboration.
According to Mezzour, the two countries have agreed to work together to facilitate trade and investment in a variety of areas, including aerospace, automobile, agri-food, textile, and pharmaceuticals, to name a few examples.
The accord was part of the implementation of a deal to resume diplomatic relations between the two countries that was negotiated by the Trump administration in 2019.
Barbivai met with her Moroccan colleague, Nadia Fettah Alaoui, earlier in the day, according to a statement from Morocco’s economics and finance ministry. The two discussed potential agreements on investment incentives, customs cooperation, and double taxation.
Morocco is also looking forward to working with Israel in areas such as industrial research and development, as well as the establishment of industrial zones, according to Mezzour.
This is Barbivai’s third visit to Morocco, which comes three months after the two countries signed a defence cooperation agreement.