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Morocco, Israel sign trade deal
February 21, 2022
Israel's Economy Minister says that Israel aspires to increase trade with Morocco from $131m to $500m
Morocco and Israel signed a trade agreement on Monday, facilitating investments as the two countries look to broaden cooperation.
The deal was signed in Rabat, Morocco by Israel's Economy Minister Orna Barbivai and Moroccan Trade Minister Ryad Mezzour.
Barbivai told a news conference Israel aspires to increase trade with Morocco from $131 million currently to $500 million "soon," according to Reuters.
"Morocco is an important country for Israel both politically and economically and culturally," Barbivai said last week, according to the statement from the Economy Ministry.
"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 realized will significantly contribute to the economic welfare and growth of both countries."
This is also Barbivai's husband's first trip back to Morocco since leaving the country in 1957 at the age of two.
This comes less than three months after Israel's Defense Minister Benny Gantz visited in November, signing a defense pact.
Morocco was one of four countries to sign the Abraham Accords with Israel in 2020, along with the United Arab Emirates, Bahrain and Sudan.