Israel and Morocco signed a trade and investment cooperation deal yesterday. The two countries agreed to develop bilateral economic and trade relations, increase cooperation, hold joint conferences, put in place some customs exemptions and establish a joint committee to implement the measures.

Israel’s Trade and Industry Minister Orna Barbivai said, “The economic cooperation agreement is 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.”

She hopes to enlarge bilateral trade between Israel and Morocco from $131 million annually to $500 million, in the next five years. The agreement will facilitate trade and investments in general, in the aerospace, automobile, agri-food, textile and pharmaceutical industries in particular.

Before signing on the agreement with her Moroccan counterpart, Ryad Mezzour, Barbivai met with Moroccan Finance Minister Nadia Fettah Alaoui to discuss possible agreements on investment incentives, customs cooperation and double taxation. Fettah Alaoui hailed the progress made in economic cooperation since the two countries signed the Abraham Accords in 2020.