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Tuesday, June 18, 2024

Morocco/UK: Taking Advantage of Economic Complementarities

Developing bilateral cooperation between Morocco and the United Kingdom will make it possible to take advantage of the complementarities of the two economies, said the British ambassador in Rabat, Simon Martin.

“Our two countries have complementary economies which offer opportunities that we have not yet taken better advantage of. They cover several sectors such as agriculture, renewable energy, manufacturing and education,” Martin said in an interview published on Wednesday by “L’Economiste.”

According to the diplomat, the new development model (NMD) launched by Morocco is an opportunity to better exploit the opportunities offered by the two economies.

This will give a new impetus to bilateral relations between the two countries which have just marked the 300th anniversary of the first diplomatic treaty signed between the Kingdom of Morocco and the United Kingdom in 1721, Martin stated.

Speaking of the positive evolution of Moroccan-British trade, the diplomat underlined: “One year after the entry into force of the new association agreement between Morocco and the United Kingdom, signed in London on October 26, 2019, trade between the two countries has recorded a remarkable upward curve.”

Indeed, the total volume of trade in goods and services between the two countries reached 1.8 billion pounds by the end of 2021-Q3, i.e. a 7.2% increase compared to the same period in 2020, the diplomat pointed out.

British exports to Morocco totaled 757 million pounds for the same period, while total UK imports from Morocco amounted to 1.1 billion pounds (+14.2%), he added.

According to the ambassador, trade relations will be further boosted with the launch of the new shipping line to connect directly Tanger Med and Poole in southern England.

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