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Following her first visit to Israel in her role last week, International Trade Secretary Rt. Hon. Anne-Marie Trevelyan MP has reflected on her time and the opportunities a new UK-Israel trade deal will bring.
In an article published in the Jewish News, the International Trade Secretary emphasised that “an advanced free trade agreement with Israel, updated to be fit for the 21st century, is an opportunity only made possible for the UK through our status as a newly-independent trading nation”.
Outlining the potential for further collaboration, she said: “A deal with Israel is expected to open new opportunities across the services sector from digital, financial and professional services, to life sciences, advanced manufacturing, and high-tech innovation”, adding “Israel will be at the front of innovation with us, working together to use digital thinking to strip away layers of bureaucracy and bring down costs for families in every region and nation”.
Ms Trevelyan wrote: “As long-time allies, our trading relationship – totalling nearly £5 billion – is already strong. The UK is already Israel’s third largest trading partner with £2.7 billion of British exports heading to Israel in 2020, while around 500 Israeli firms currently operate here”.
“Now we are taking steps to increase trade and investment by overhauling an agreement inherited from the EU which focuses primarily on goods trade, to the detriment of our world-leading services sectors. Service sectors account for 70% of both economies, but only 35% of our bilateral trade.I want to correct this imbalance and secure an ambitious new agreement that plays to our strengths as two innovative, tech-driven nations”, she continued.
Read the article in full here and more about the International Trade Secretary’s visit on CFI’s website.
