Israel's Minister of Economy and Industry Orna Barbivai and Morocco's Minister of Industry and Trade Ryad Mezzour have met in Morocco and signed a new trade and economic agreement between the two countries. Barbivai said that she hoped to increase annual bilateral trade, currently at $131 million, to $500 million within five years.
Israel's Foreign Trade Administration at the Ministry of Economy and Industry said that the agreement aims to facilitate trade in the aerospace, automobile, agri-food, textile and pharmaceutical industries.
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."
Mezzour said, "This has been an initial meeting that has created for us opportunities to identify areas and options for cooperation and bilateral industrial and trade partnerships. After resuming diplomatic relations one year ago, today Morocco and Israel have laid the foundation for an innovative and multi-faceted partnership. Today marks a new stage in which we will embark together on a partnership that is intensive, productive and beneficial for both sides."
Published by Globes, Israel business news - en.globes.co.il - on February 21, 2022.
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