UK signs trade continuity agreement with Israel and Palestine, will attend Aero IndiaStaff Writer | February 19, 2019
International Trade Secretary and President of the Board of Trade, Liam Fox, signed the UK-Israel agreement in Jerusalem with Minister of Economy and Industry, Eli Cohen.
Britain Liam Fox
The agreement simplifies trade and allows businesses to trade as freely as they do now, without any additional barriers or tariffs.
Trading on these preferential terms rather than on World Trade Organization terms will deliver significant savings and help to safeguard British jobs.
This will help to further strengthen the trading relationship between the UK and Israel, which was worth £4 billion in the year ending 2018 Q3.
The British vehicles sector could avoid up to £9 million a year in tariff charges on their exports that would apply if the agreement wasn’t in place, while machinery and mechanical appliance exporters could avoid up to £5 million a year.
The agreement also protects existing preferential market access for important products. Consumers in the UK will continue to benefit from more choice and lower prices on goods imported from Israel, such as pharmaceutical products, with Israeli companies acting as major suppliers to the NHS. The deal will ensure crucial protection for intellectual property rights and maintain high trading standards across industry.
The UK will attend Aero India in force again this year, reflecting the importance of the UK-India defence relationship. Industry and government representatives will be present to promote some of the world’s most innovative defence and aviation technologies and strengthen relationships with Indian partners.
UK companies present at the show include: Aerospace Wales, BAE Systems, Cobham plc, Collins Aerospace, Cranfield University, Gardner Aerospace, GKN, MBDA UK, Rolls-Royce, Sherborne Sensors, Strongfield Technologies Ltd, Techtest Ltd (HR Smith Group), Thales UK.
In Ramallah, the UK-Palestinian Authority agreement was signed by both the International Trade Secretary and Her Excellency, Abeer Odeh, Minister of National Economy.
The agreement simplifies trade and will allow businesses to trade as freely as they do now once the UK leaves the EU.
Trading on these preferential terms, rather than on World Trade Organization terms, will continue to deliver significant savings and help to further strengthen the bilateral trading relationship.
The agreement allows Palestinian businesses to continue access to the UK market tariff-free which will continue to benefit Palestinian producers in priority sectors, including exporters of fruit, nuts and vegetable fats including dates and olive oil.
Today’s signing reflects the importance of bilateral relations between the UK and the Palestinian Authority. The Agreement demonstrates the UK’s commitment to strengthening bilateral cooperation, promoting Palestinian economic growth, and maintaining the UK’s strong commitment to a two-state solution. ■