UK begins pursuit of improved trade deal with Israel

Europe Materials 2 February 2022 17:51 (UTC +04:00)
UK begins pursuit of improved trade deal with Israel

The United Kingdom will begin seeking an improved trade deal with Israel this week when trade minister Anne-Marie Trevelyan travels to meet her Israeli counterpart Orna Barbivai, Trend reports with reference to Reuters.

Britain is looking to build new trade ties around the world having left the European Union, targeting fast-growing economies with wealthy middle classes, betting there will be demand for its premium exports and professional services.

"Unlike in the past, we can now work with friends and allies like Israel to strike deals that are truly tailored to our strengths in areas like digital trade, services and life sciences," Trevelyan said.

When it left the EU, Britain signed deals to keep existing trade arrangements in place but is now revisiting those in search of better terms, including the agreement with Israel.

Britain's Department for International Trade will also take the first step toward launching formal trade talks: an eight-week consultation seeking views from the public and business on the priorities for any deal.

Trevelyan is set to meet Barbivai and investors during a three day visit to Jerusalem, Tel Aviv and other areas.

In 2020 2.7 billion pounds ($3.64 billion) worth of British exports went into Israel, with an overall trade relationship valued at 4.8 billion pounds.