Morocco-Spain: Excellence in politico-economic relations.
The politico-economic harmony between Spain and Morocco has been more than perfect since the resumption of relations between the two countries. This has been further consolidated with the holding of the 12th High-Level Meeting (HLM) in Rabat in early February, during which agreements were reached in various areas.
Despite the efforts of some to generate tensions for the purpose of destabilizing both kingdoms, politically, Morocco and Spain have found their way through a new discourse of complementarity where they no longer fall into the trap of realpolitik.
On the economic front, the challenge is to agree on a more sophisticated history in order to consolidate bilateral relations. Morocco is Spain's top trading partner outside the European Union (ninth overall destination market after the United States), and Spain is Morocco's top customer and its top African market, providing an opportunity to penetrate other markets on the continent.
The exchanges between the neighbors on both sides of the Mediterranean allow them to take advantage of each other's comparative advantages and to use their resources effectively. This shows the significant existing economic complementarity. The two kingdoms are very aware of this and are developing it through multiple bilateral agreements, which, for example, have reduced many administrative barriers.
Spain and Morocco owe the excellence of their commercial relations to the signing of multiple bilateral agreements, which have provided an adequate legal framework for promoting and reducing administrative distance.
Bilateral trade indicates 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 due to the COVID-19 pandemic. Furthermore, despite recent political disagreements, the commercial relationship between the two countries has not deviated from its strong growth potential.
According to data from the Moroccan Exchange Office, Spain contributed to 15.7% of Moroccan imports and shipped 21.5% of its exports. Among the main items exported, Spain exported refined oil, equipment (automotive components, fabrics, or plastics), and copper wire to Morocco.
In contrast, Morocco exported cables, agri-food and fishing products, automobiles and automotive components, as well as clothing to Spain. This is a positive balance for the latter, as it should be recognized that Spain is in surplus, as it sells more to its southern neighbor than it buys from it.
In addition, tourism is the sector that shines the most for both countries, to which transport and business services should be added. There are 674 Spanish companies with at least 10% Moroccan capital and 529 Moroccan companies, subsidiaries of Spanish companies. There is potential for real cooperation.
