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Rabat – Morocco’s Foreign Affairs Minister, Nacer Bourita, welcomed today in Rabat Andrew Murrison, the British Prime Minister’s Trade Envoy to Morocco and Tunisia, Morocco’s Foreign Affairs Ministry said in a statement.
Murrison’s visit is in line with the Morocco-British ambitions to boost bilateral ties spanning trade and green energy ventures, among others.
The UK-Morocco trade volume reached £1.8 billion at the end of 2021, a 7.2% rise from 2020, according to the British Trade and Investment department.
UK’s exports to Morocco were set at £757 million, while Morocco’s exports to the UK were set at £1.1 billion at the end of 2021, noted the British department.
Meanwhile, British foreign direct investments in Morocco reached £1.2 billion at the end of 2020, a 1% share of all British UK’s offshore foreign direct investments.
Morocco and the UK are also in the process of constructing a state-of-the-art marine cable to supply cities across the UK green energy sourced from Morocco’s wind and solar plants.
Set to go into service in 2027, the cable will be the longest of its kind on the planet, making its way through territorial waters of France, Portugal, and Spain.
Brexit was a turning point for Morocco-UK’s economic relations. In 2019, the two countries signed an Association Agreement with the aim of preserving bilateral partnership after Brexit.
Signed in London, the agreement seeks to ensure smooth direct trade between Morocco and the UK, especially in agriculture.
The Association Agreement also extends to investment, as it guarantees reciprocal protection for investors from both countries.
In a joint declaration after signing the agreement, the two countries underlined that the deal represented a “fundamental pillar” in reinforcing bilateral relations, especially on trade and investment.
Read Also: Minister: Morocco-UK Association Agreement is a ‘Win-Win’ Partnership
