(Ecofin Agency) - Since settling their dispute in 2020, Morocco and Israel have signed several agreements in the areas of aviation, culture, and security to strengthen their cooperation. Now, the two countries want to quadruple their annual trade, within the next few years.

Morocco and Israel have just signed a new agreement to further strengthen their trade relations. The announcement was made by Orna Barbivai, Israeli Minister of Economy, and Ryad Mezzour, Moroccan Minister of Trade, speaking to the press yesterday February 21.

The partners announced plans to create industrial zones in Morocco, which could attract more Israeli companies while diversifying trade between Rabat and Tel Aviv.

"The level of economic and commercial exchanges between the two countries, which today amount to $130 million per year, is not enough. We aim to bring it to $500 million per year, and even above," said Minister Barbivai. Several sectors with "high investment potential" have been identified for this purpose. These include the pharmaceutical industry, food processing, automotive, aerospace, renewable energy, and the digital sector.

As a reminder, Israel and Morocco resumed diplomatic relations two years ago, under the impetus of the United States, which has, in its wake, recognized the sovereignty of Morocco over Western Sahara. Since then, several agreements have been signed between the two countries, including three in the fields of politics, culture, and aviation in August 2020, one in the field of education in February 2021, and another on security last November.

The two countries also plan to breathe new life into their relationship, strengthening cooperation in the private sector as well as the exchange of expertise in the field of innovation.

Moutiou Adjibi Nourou