Palestine, Morocco forging first bilateral economic pact
For the first time independently of the Arab League, Palestine and Morocco have agreed to develop their trade exchange, which currently favors Morocco heavily.
RAMALLAH, West Bank — Officials in Morocco and Palestine are teaming up to boost the trade volume between their countries and promote economic partnerships in various fields.
Palestinian Minister of National Economy Khalid al-Assaily and Moroccan Ambassador to Ramallah Mohammad Hamazawi agreed May 19 to expand those ties. This is the first agreement of its kind between the two countries aside from those signed under the umbrella of the League of Arab States, officials said.
Work is underway to draft a deal for economic, trade and technical cooperation, as well as tourism development. The pact will call for forming a joint economic committee and joint business council, and will contain clear directives on supporting investment, said Rayan Darwish of the Palestinian Ministry of National Economy in Ramallah. Darwish is head of bilateral and multilateral relations.
Darwish told Al-Monitor the countries hold valuable opportunities for each other and the proposed agreement will serve as the regulatory framework to take advantage of these prospects.
