Israel-UK NEW Trade Agreement 2022
Updated: Jan 9
Dear Members and the ISRAEL-UK Business Community
In 2019, Israel was among the first countries to sign a Continuity Agreement with Britain following Brexit. This agreement was based on the existing agreement with the EU, including its limitations. In light of the excellent relations between the two countries, an opportunity exists to improve the agreement and remove barriers to business and innovation activities between the countries.
The Israel Britain Chamber of Commerce has been concentrating for some time on issues raised by businesses and investors so that these will be addressed in the new agreement. If you have any such proposals or questions, please contact us!
Last week, a debate on this subject was held in the British Parliament, and some of the above-mentioned issues were raised in the discussion. We have summarized the main points for you:
In the Parliamentary debate on the Israel-UK Trade Agreement, Conservative Party MPs strongly supported prioritizing the negotiations with Israel on the FTA. In a lively discussion led by MP Bob Blackman, MP Dr. Matthew Offord and others, and responded to by the Parliamentary Under-Secretary of State for International Trade, Mr. Ranil Jayawardena, it was stated that the UK and Israel are natural trade partners. Given the strong relationship, both in trade and strategically, the upcoming negotiations on a new Free Trade Agreement (FTA) are very welcomed.
Key Discussion Points from Parliament
About Brexit : Brexit has presented an exciting opportunity to negotiate a bespoke UK-Israel FTA with endless possibilities for the UK and Israel to become world's leading tech centers.
About Tech and Innovation Cooperation : Cooperation on climate change challenges, cyber-security, the next generation of med tech, and the establishment of bilateral centers and incubators will enable British and Israeli companies and scientists to tackle together the great challenges of the day.
About Barriers (Tariffs, Working Visas, Data Protection, etc.) : Visas and entry requirements, data protection regulations, opening a bank account, and tax tariffs should all be reviewed in order to make the starting of business in the UK easier.
About Tourism : Tourism should be an important consideration for both countries for the trade talks ahead.
About the Contribution of the IBCC : Tributes were paid to the contributions to strong relations by non-governmental organizations—the UK-Israel Business and the Israel British Chamber of Commerce. The IBCC was recognized with an award of excellence by the Council of British Chambers of Commerce in Europe in 2017. This was the first time that an Israeli chamber of commerce had won such an award from a European organization.
About Public Involvement : There will be a process taking into account inputs and views of all British people, businesses, and civil society.
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