The Israeli Minister of Economy and Industry, Orna Barbibai, and her Moroccan colleague, the Moroccan Minister of Industry and Trade, Riyad Mazwar, signed a new agreement on cooperation in economics and trade yesterday (Monday).
The Foreign Trade Administration at the Ministry of Economy and Industry explains that the main points of the agreement relate to 4 issues:
Development of economic and trade relations between the parties – the agreement stipulates that the parties will take all necessary steps to encourage cooperation in order to increase the volume of trade; The Parties shall cooperate to remove any barrier to normal economic relations, including discriminatory laws, regulations or procedures; The Parties shall act in accordance with the existing obligations and rights under the WTO Agreement (IN THAT) And other international agreements to which both parties are parties, with an emphasis on aspects relating to non-discriminatory treatment.
Cooperation – In order to develop trade between the parties, it was agreed that the countries would facilitate each other’s participation in exhibitions and economic conferences held; Will collaborate in the field of professional and technological knowledge sharing (exchange of expertise); Will organize study tours, seminars, trade shows and visits of businessmen and trade delegations; Will cooperate on issues of standardization and regulation; Mutual cooperation between entities from the private sector will be encouraged, such as cooperation between manufacturers’ associations, chambers of commerce and business associations; Cooperation will also be encouraged between entities engaged in small and medium-sized businesses and other industries;
Customs exemption on products imported temporarily – for the purpose of a show of a public nature (an art exhibition for example) or an example of a commodity used for display in an exhibition or event of a commercial nature.
Implementation – The agreement stipulates that the parties will establish a joint committee of the Ministry of Industry and Trade of Morocco and the Ministry of Economy and Industry of Israel that will examine the implementation of the agreement, examine ways and means to expand and diversify mutual trade relations, consider and submit proposals. commercial; Identify issues that are affecting commercial collaboration and recommend solutions that may help expand access to each of their markets.
The Minister of Economy and Industry, Orna Barbibai: “The Economic Cooperation Agreement is intended to bring about economic growth and prosperity for Israel and Morocco. Working together, we will bring about the realization of the economic potential inherent in relations between the countries, increasing the volume of trade and strengthening technological cooperation, along with bringing the peoples closer together. “Next, I instructed the professional staffs in my office to work for the bilateral trade between the economies to increase from $ 131 million to $ 500 million over the next five years.”
Moroccan Minister of Industry and Trade Riyad Mazwar: “It was a groundbreaking meeting that gave us the opportunity to identify areas and channels for bilateral industrial and commercial cooperation and partnership. After more than a year of renewing diplomatic relations, Morocco and Israel today laid the foundation for an innovative multidimensional partnership. Today is a new stage with which we will embark together on a path of intense, fruitful and beneficial partnership for both parties. “