Political and economic harmony between Spain and Morocco has been perfect since the resumption of relations between the two countries. These were further consolidated with the holding in Rabat at the beginning of February of the 12th High Level Meeting (HLM), during which agreements were sealed in various fields.
This, no offense to some who constantly generate tensions for the purpose of destabilizing the two Kingdoms, which hardly benefits either the Maghreb or Europe. Politically, Morocco and Spain have found their way through a new discourse of complementarity where we no longer fall into the trap of realpolitik.
Economically, the challenge is to agree on a more sophisticated story in order to consolidate bilateral relations. Morocco is Spain’s leading trading partner outside the European Union (ninth absolute destination market after the United States) and Spain is Morocco’s leading customer and its leading African market, hence the opportunity offered to penetrate other continental markets.
Exchanges between neighbors on both shores of the Mediterranean make it possible to benefit from the advantages of each other’s comparative table and to use the resources at their disposal efficiently. That is to say, the important existing economic complementarity. The two Kingdoms are very aware of this and are developing it through multiple bilateral agreements which, for example, has made it possible to reduce a number of administrative barriers.
Spain and Morocco owe the excellence of their trade relations to the signing of multiple bilateral agreements, which have provided an adequate legal framework to promote them and reduce the administrative distance.
Bilateral exchanges indicate that, since 2013, Spain has become Morocco’s main trading partner, ahead of France. Growth has been sustained over the past five years, with the exception of 2020, Dame Covid obliges. Moreover, and despite recent political disagreements, the commercial relationship between the two countries has not deviated from its strong growth potential.
According to data from Morocco’s Office des Changes, Spain contributed 15.7% of Morocco’s imports and shipped 21.5% of its exports. Among the main items exported, Spain exported to Morocco refined petroleum, capital goods (automotive components, fabrics or plastics), copper wire, etc.
Whereas, conversely, Morocco has exported cables, agri-food and fishing products, automobiles and automobile components, as well as clothing to Spain. Spain is in surplus as it sells more to its southern neighbor than it buys from home.
To this, we can add other services without shuddering, tourism being the sector that flashes the most for the two countries, to which we should add transport and business services. Indeed there are 674 Spanish companies with at least 10% Moroccan capital and 529 Moroccan companies, subsidiaries of Spanish companies. This is enough to promote real cooperation.