Israel and the UK have agreed to upgrade the free trade agreement (FTA) between the two countries, the Ministry of Economy and Industry of the Jewish state said in a statement.
Agreed at a meeting held in Jerusalem between Israeli Economy Minister Orna Barbivai and the UK’s Secretary of State for International Trade Anne-Marie Trevelyan, the new trade deal will lead to the removal of barriers in the goods and services trade between the two countries, Xinhua news agency reported citing the statement as saying.
The FTA between Israel and the UK was signed in 2019 and took effect at the beginning of 2021.
Since the agreement was based on Israel’s trade agreement with the European Union signed back in 1995, the two countries are interested in a more up-to-date and modern agreement, according to the statement.
The Ministers also discussed the creation of joint platforms for businesses and the details of a planned Britain-Israel innovation summit this spring, with the participation of senior government officials, business representatives, chambers of commerce and more.
With a trade volume totalling $7.7 billion last year, the UK is Israel’s third largest trading partner, as China and the US top the list.