• International Trade Secretary Anne-Marie Trevelyan launches a consultation on a new UK-Israel trade deal today (2 February), during a three-day visit to Israel and the occupied Palestinian territories

• An 8-week consultation will solicit public and business views on an improved trade deal

• UK confirms plans to host UK-Israel innovation summit this spring, to be attended by Israeli PM and business delegation

International Trade Secretary Anne-Marie Trevelyan will meet Israeli Economy Minister Orna Barbivai today to kick off preparations for a new trade deal that will deepen economic ties between longtime allies.

The UK government will launch an eight-week consultation to gather views from businesses and the public, ahead of negotiations which will start later this year as usual. The UK is Israel‘s third-largest trading partner, with £2.7 billion of British exports in 2020 and an overall trading relationship worth £4.8 billion.

Last year, Israeli investment in the UK amounted to over £200 million and secured hundreds of jobs across the UK. A new agreement will seek to leverage our strengths as tech superpowers, bolstering our strong trade and investment relationships in future industries like digital, services and life sciences and creating well-paying jobs in all the countries.

While services represent 70% of our two economies, they currently represent only 35% of our bilateral trade. An updated trade agreement could address this imbalance by reducing bureaucracy and revising the very limited provisions on services and innovation in the current agreement inherited from the EU.

During her three-day visit, the Secretary of State will encourage greater collaboration between the British and Israeli technology industries. She will meet key Israeli investors in the UK, host a reception for leading technology companies and visit the new Tel Aviv light rail project to identify opportunities for UK companies to be involved in the project.

She will also visit the Hebrew University of Jerusalem, where she will discuss British and Israeli agri-tech expertise.

UK businesses should also be able to seize new opportunities in areas such as education, health and food and drink exports, benefiting from reduced tariffs and better market access in a country that very much appreciates British products and expertise.

The Secretary of State will also travel to Ramallah to meet PNA National Economy Minister Khalid Osaily and visit the British-Palestinian Tech Center to strengthen ties between British and Palestinian tech companies.

International Trade Secretary Anne-Marie Trevelyan said:

We are using our independent trade policy to revitalize the old agreements we inherited from the EU. Unlike in the past, we can now work with friends and allies like Israel to strike deals that truly match our strengths in areas such as digital trade, services and life sciences.

This new trade deal is part of our commitment to build a stronger relationship with Israel and is a huge opportunity to deepen ties with another democracy and tech superpower so that together we can create well-paying, high-value jobs. in both countries.

Chris Southworth, Secretary General of the International Chambers of Commerce, says:

Israel and the UK are two highly innovation-driven economies with a deep cultural affinity between the two nations, so this is a fantastic opportunity for both governments to set new standards in services trade and reflect the success of the Singapore deal on digital trade. This is a very important contribution from industry to consultation – it is vital if we are to achieve the optimal type of agreement for commercial enterprises.

Mark Samuels, chief executive of the British Generic Manufacturers Association (BGMA), said:

The UK generics industry has long had a close relationship with Israel, and it is undoubtedly a center of excellence for life sciences. We welcome the UK government’s initiative to further strengthen this relationship and provide more opportunities for partnership between our two countries.

As part of her visit, the International Trade Secretary will also confirm her intention to host a UK-Israel Innovation Summit this spring.

The UK and Israel have long shared a culture of entrepreneurial, tech-savvy and innovative businesses, and the summit will showcase the shared talents and skills of leading UK and Israeli companies and galvanize greater collaboration across sectors. such as artificial intelligence, cybersecurity and life sciences.

The one-day summit will take place in the UK and will see the participation of influential entrepreneurs, investors and leading companies, alongside the British and Israeli prime ministers.

More information

Please see here for consultation.