Israel and Morocco signed first economic deal

Israel and Morocco have signed their first economic agreement in the fields of investment and finance, the Israeli Ministry of Foreign Affairs announced Tuesday.

The agreement aims to boost the trade volume between ‘Israel’ and Morocco to half a billion dollars annually.

On Monday, Israel’s Economy Minister Amir Peretz held talks via video conference with Moroccan Industry Minister Moulay Hafid Elalamy about prospects for industrial cooperation between Morocco and ‘Israel’.

On Sunday, a team of Moroccan diplomats arrived in ‘Israel’ to start preparing for the reopening of a diplomatic mission in Tel Aviv next month.

Last week, Moroccan Foreign Minister Nasser Bourita announced that diplomatic missions in Tel Aviv and Rabat will open within two weeks, after closing it some 20 years ago in solidarity with the Palestinians following the outbreak of the Second Intifada.

Morocco is the fourth Arab country to normalize ties with Israel this year following the United Arab Emirates, Bahrain and Sudan.

Palestinians condemned the agreement, saying it encouraged Israel’s denial of their rights.

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