UK and Israel Agree ‘in Principle’ on Post-Brexit Free Trade Deal
The United Kingdom and Israel agreed “in principle” on Wednesday on a post-Brexit free trade agreement.
The announcement was made at the World Economic Forum in Davos following a meeting between British Secretary of State for International Trade Liam Fox and Israeli Minister of Economy and Industry Eli Cohen.
UK-Israel trade totaled more than $10 billion in value last year.
Fox — a member of beleaguered British Prime Minister Theresa May’s Conservative Party — noted, “Israel has been one of the most cooperative and productive partners in this relationship where our trade is already strong and set to go further.”
“For us, the continuity as we leave the European Union will be a precursor to an even more ambitious agreement in the future,” he added.
Cohen said, “I’m sure that this free trade agreement will help us accelerate and increase even more and strengthen our economic relationship.”
In a tweet on Thursday, Fox said he was “absolutely delighted” over the deal.
Excellent meeting with Eli Cohen (Israeli Minister for Economy and Industry) yesterday. Absolutely delighted that we have agreed in principle to roll over the EU-Israel FTA as part of our trade continuity programme as we leave the EU. https://t.co/Hd7nrqg0g0
— Dr Liam Fox MP (@LiamFox) January 24, 2019
In a statement, the Board of Deputies of British Jews welcomed the “commitment to ensuring that trade between Israel and the UK runs smoothly after Brexit.”
The UK is set to withdraw from the EU on March 29. The British political scene is currently in turmoil following Prime Minister May’s failed effort to get parliamentary approval for a negotiated deal with the EU on the terms of the departure.