Israel's Economy and Industry Minister and Moroccan Industry and Trade Minister Sign Economic Cooperation and Trade Agreement

By BJLife Israel Newsroom
Posted on 02/21/22

Economy and Industry Minister Orna Barbivay and Moroccan Industry and Trade Minister Ryad Mezzour signed a new economic cooperation and trade agreement today (Monday, 21 February 2022).

Minister Barbivay:

"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. Pursuant to the above, I have instructed the professional teams in my ministry to work toward increasing bilateral trade from $131 million to $500 million in the next five years."

Minister Mezzour:

"This was an initial meeting that created for us the opportunity to identify areas and channels for cooperation and for bilateral industrial and commercial cooperation. 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."

The agreement touches on four main points:

• Development of bilateral economic and trade relations – The agreement determines that the sides will take all steps necessary to encourage cooperation in order to increase the scope of trade. The sides will cooperate on removing all barriers to normal economic relations, including legislation, standards or discriminatory practices. The sides will act in accordance with obligations and rights of the World Trade Organization agreement and other international agreements that both sides are party to, especially those regarding non-discriminatory relations.

• Cooperation – In order to develop bilateral trade, it has been agreed that each side will ease the participation of the other in existing economic exhibitions and

• Conferences. They will cooperate in the field of sharing professional and technological information (exchanging expertise) and will organize study tours, seminars, commercial exhibitions and visits by businesspeople and trade delegations. They will cooperate on standards and regulations, and will encourage cooperation among private sector organizations such as cooperation between manufacturers associations, chambers of commerce, business organizations, agencies that deal with small and medium-sized business and other sectors.

• Customs exemptions on imports of a temporary nature – For public presentations (art exhibitions, for example) or sample products for display in exhibitions or other commercial events.

• Implementation – The sides will establish a joint committee between the Moroccan Ministry of Industry and Trade and the Israeli Ministry of Economy and Industry to evaluate the implementation of the agreement, examine ways and means to expand and vary mutual trade relations, consider and present recommendations to the sides on ways to foster the dynamic development of commercial cooperation, identify problems that could impede trade cooperation and recommend solutions that are likely to assist in expanding access to each other's markets.