Morocco and Israel Sign Multimillion-Dollar Trade Agreement, Boosting Economic Ties

The Israeli Federation of Farmers, the Israeli Federation of Chambers of Commerce, the Association of Israeli Industrialists (MAI) and the General Confederation of Moroccan Enterprises (CGEM) signed a new trade agreement on March 27 worth an estimated hundreds of millions of dollars, reports Israel Hayom. According to explanations by Zeev Lavie, director of the trade division of the Israel Chamber of Commerce, the agreement covers food, agriculture, spare parts, vehicles, as well as chemical and mechanical equipment. There is also talk of a partnership with the Hebrew state in the fields of renewable energies, water treatment, and health.

"Beyond the significant potential for additional trade, there are now endless investment opportunities that the Moroccan or Israeli private sector can take advantage of at the local, regional and global levels," said Chakib Alj, president of the CGEM, for his part. According to him, the sectors conducive to investment are: tourism, industry and innovation. "The Israeli market can benefit from cooperation with Morocco, which is located between the European continent and Africa and can serve as a bridge for Israeli companies for activities in North Africa and Africa," is convinced Uriel Lynn, president of the Israeli Federation of Chambers of Commerce.

In January, Morocco and Israel had signed air agreements for the opening of direct flights between the two countries.