The multilateral opportunities offered by the Abraham Accords

Abraham Accords Peace Institute (AAPI) indicated, at the end of July, in its monthly report that the volume of trade between Morocco and Israel was 63.9 million dollars in the first half of 2022, of which 12 million for the month of June alone, an increase of 1% compared to the previous financial year (January/June 2021).

“Although trade ties exist and Israeli industry is already established in Morocco, economic cooperation is only partial compared to its true potential,” said the Israeli Minister of Economy and Industry, Orna Barbivai on the occasion of her official visit to Morocco last February. She had signed on the occasion with her Moroccan counterpart, the Minister of Industry and Trade, Ryad Mezzour the first economic and commercial cooperation agreement between Morocco and Israel, last February during her official visit to the Kingdom.

The ambition for the minister being to go beyond the 500 million volume of exchange between Israel and Morocco, “the level of economic and commercial exchanges between the two countries, which today amounts to 130 million dollars per year, is no longer sufficient. We must very quickly reach 500 million dollars per year, and even go beyond“.

Indeed, it is no longer sufficient given the enormous opportunities available to the two Nations. It is that compared to our partners in the Abraham Accords, the United Arab Emirates and Bahrain, as well as the countries that have signed a peace treaty with the Jewish state, we would be one of the least well off, let’s say, in the history of trading exchange volume that are called for better days.

This is how between Israel and the United Arab Emirates, the latter reached the astonishing sum of 1.03 billion dollars in June 2022, an increase of 97% in exchanges compared to June 2021. For the first half 2022, it even explodes. Indeed, bilateral trade reached $3.99 billion, an increase of 119% compared to trade in the first half of 2021.

Trade between Israel and Bahrain increased to $2.8 million in June 2022 from 0 in June 2021, the report said. For the first half of 2022, bilateral trade reached $16.5 million, compared to 0 in the first half of 2021, while that between Israel and Egypt increased to $88.5 million in June 2022, an increase 17% of exchanges compared to June 2021.

For the first half of 2022, bilateral trade reached 507.4 million dollars, representing a 49% increase in trade compared to the first half of 2021. As for the commercial volume of trade between Israel and Jordan, it reached 151 $.6 million in June 2022, a 49% increase in trade compared to June 2021. For the first half of 2022, bilateral trade reached $885.4 million, a 49% increase in trade compared to June 2021. compared to the first half of 2021.

AAPI in its document indicates that the historic agreements of the “Abraham Accords” have the potential to transform the MENA region into a source of sustainable solutions to pressing challenges in the current global context. Almost two years after their signing, they can contribute to providing solutions to the most pressing challenges facing the international community, while guaranteeing peace and stability at the crossroads of the American, European and Asian markets.

The benefits of the Abraham Accords for global stability will increase exponentially as more and more Islamic countries join. The real potential lies in strategic multilateral initiatives linking Abraham Accords members and other Middle Eastern countries to US, European and Asian markets.

And the report to list some opportunities. In June 2022, the EU, Egypt and Israel agreed to significantly increase Israeli gas exports to Europe via Egypt, providing the EU with a reliable alternative to Russian gas, while strengthening cooperation economic Egypt-Israel. Eastern Mediterranean gas reserves are estimated at around 345 trillion cubic feet, more than enough to meet domestic needs and export to Europe, and replace the loss of Russian gas.

This cooperation also encompasses the field of renewable energies, where the region sees new initiatives with international involvement. In November 2021, Jordan, Israel and the United Arab Emirates signed a memorandum, overseen by the United States, to develop the Prosperity Green/Blue project, which will see Jordan take advantage of its desert expanses to provide energy solar in Israel, against 200 million cubic meters of desalinated water. To this end, Middle East can become a reliable source for Europe’s renewable energy needs.

In addition to the energy crisis, the Russian invasion of Ukraine quickly leads to severe food shortages. According to the World Economic Forum, “countries in Africa and the Middle East in particular are heavily dependent on wheat imports from Russia and Ukraine”. Joint Abraham Accords ventures, taking advantage of the relative strengths of each country, can promote successful agricultural projects in Accord Nations, as well as in other developing economies.

Indeed, the innovation cooperation of the Abraham Accords, in sectors such as energy, water, agriculture and logistics, can lead to breakthroughs that will improve the lives not only of the inhabitants of the region, but also of more than two billion inhabitants in areas with arid and semi-arid climates.

.

Previous Post Next Post