According to a new report by the Abraham Accords Peace Institute, trade between Morocco and Israel doubled from 2022 to around $116 million in 2023. The figures do not include cyber, software and defense deals, all of which were substantial in 2023. Nor do they include financial or industrial investments.
Despite regional challenges, the report said economic ties remained firm. Numerous agreements were signed in the areas of energy, food, water, education and technology.
There were partnerships between Moroccan and Israeli startups, universities, and venture capital funds. These partnerships focused on various sectors including biotechnology, agritech, artificial intelligence, and aerospace.
Morocco agreed to recognize Israeli statehood in December 2020 with the signing of the Israel-Morocco Normalization agreement. In 2023, Israel agreed to recognize Morocco’s sovereignty over Western Sahara.
The report acknowledges that the war in Gaza poses a challenge to the bilateral relationship. Public opinion in the region overwhelmingly sympathizes with the Palestinians. The report says this has resulted in decreased people-to-people exchanges and hindered progress towards Israel-Saudi normalization.
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