UK Launches Israel Talks To Boost Trade Between Services Superpowers

Anne-Marie Trevelyan

International Trade Secretary Anne-Marie Trevelyan will launch negotiations today (20 July) that will seek to establish a modern, revamped trading relationship between the UK and Israel for a new, innovation-focused Free Trade Agreement (FTA).

Israel has one of the fastest growing economies in the world and their demand for digital products and services is expected to grow rapidly. The UK's existing bilateral FTA with Israel contains no specific provisions on services, creating a huge opportunity to enhance the agreement.

This includes boosting UK services exports to Israel by up to £78 million, from insurance to computer and technology services, supporting jobs and growing high-tech industries by reducing barriers to trade.

A new upgraded deal would expand a trading relationship already worth £5 billion a year. It could benefit 6,600 UK businesses, including 5,600 small and medium-sized enterprises, employing over 1.7 million people in 2020, who are exporting their goods to Israel by reducing trade barriers.

The Secretary of State will meet Israel's Ambassador to the UK Tzipi Hotovely to launch the talks in London.

A bold new modernised deal could also provide greater economic opportunities for exporters across the UK regions and nations, including LEVC's iconic electric black cabs in Coventry, Tomatin Distillery in Scotland, and Concrete Canvas in Wales.

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