Rabat – Trade between Morocco and Israel saw an increase of 626.32% in January 2023 compared to the same period last year.
New data from the Israel Central Bureau of Statistics shared by the Abraham Accords Peace Institute shows that trade between the two countries reached $13.8 million in January 2023.
The Abraham Accords Peace Institute’s report emphasized the potential benefits of a multilateral free trade area among Accords member countries, stating that it would create more than 150,000 jobs and generate new economic activity exceeding $75 billion.
The report argued that the recent rise of China and Russia’s invasion of Ukraine present an opportunity to realign trade and protect the integrity of global markets.
The Abraham Accords Peace Institute also noted several key events in the ongoing cooperation between Morocco and Israel that allowed for collaboration in other areas, such as the economy, military, and diplomacy.
One such event was the signing of a partnership agreement between the Moroccan National Agency for Aquaculture and the Israeli firm AGRIGO on February 8.
The partnership aims to establish a fish farm near Tangier, with construction already underway, the report noted.
The report also covered potential military cooperation between the two nations.
On February 16, General Dudevzion Muhammad Banawali led a delegation of the Moroccan Royal Artillery to Israel, where they toured several military sites and discussed a framework to strengthen military relations.
Another important milestone between the two countries since they re-established ties in 2020 has been the beginning of the construction of the Israeli Embassy in Rabat.
Morocco and Israel have expressed interest in extending their cooperation in a number of important fields, including trade, tourism, defense, education, and training.
As both countries continue to consolidate bilateral relations in different sectors, Israel is expected to open a trade mission in Morocco this year.
Source : Morocco World News
