Morocco and the United Kingdom are increasing their trade volume and expect to do so even more in 2024

Since the United Kingdom officially left the European Union in 2020, London has been looking for ways to strengthen partnerships with other partners that could compensate for the losses that Brexit would generate. In this context, Morocco emerged as one of the most important allies, thus strengthening its position as a key partner in the North African and Maghreb region. Proof of this can be seen in the trade figures between the two countries, which have experienced extensive growth during 2023.

In the first half of this year, the volume of trade between the UK and Morocco reached 3.4 billion pounds sterling, an increase of 661 million pounds sterling compared to the same period in 2022. But the intention is to take this growth much further, as stated by the British Treasury through Bim Afolami, the government's economic secretary, who stressed the opportunities for trade and, above all, investment. 

"The country is working closely with Morocco to achieve maximum cooperation in a number of areas, including bilateral trade and investment," Afolami said. These are words that the data clearly support, especially since the UK left the European Union. Since then, the volume of trade with Morocco has grown from 15.3 billion dirhams to 23 billion dirhams in just four years, according to figures provided by the Moroccan-British Association Council in February this year.

As early as December 2020, Rabat and London signed a comprehensive partnership agreement, which entered into force in early 2021. This was the first sign of intent which, in view of the development of relations between the two countries, is clearly achieving its goal. And it is no longer just the numbers that show this reality, as both sides have not hesitated to reaffirm their intention to increase contacts and to continue exploring avenues of cooperation. 

In fact, one of the fundamental objectives is to increase bilateral investment, for which Morocco is attracting more and more attention. The Kingdom is expanding its investment portfolio in various fields, paying special attention to cultural events with a view to tourism, with the focus on Rabat. The Alawi capital will have important projects such as the Grand Theatre of Rabat and the Mohammed VI Tower, which will become the third tallest skyscraper in Africa.

All of this, together with the boost Morocco is giving to green energy, is causing many, such as the United Kingdom, to seek more and more agreements with the country presided over by Aziz Akhannouch. And everything seems to indicate that this partnership, far from ending, will continue to grow by leaps and bounds.