The Secretary of State for International Trade and President of
the Board of Trade, The Rt Hon MP, arrived in Tel Aviv last night
(Monday 27th November) to meet with Israeli Prime Minister
Benjamin Netanyahu, as well as major Israeli investors and
fast-growing tech companies to boost UK-Israeli bilateral trade
and trade continuity post-Brexit.
Dr Fox will begin several days of high-level political and
business engagement as discussions around the transition of the
EU-Israel Association Agreement reach an advanced stage.
2017 was a record year for UK-Israeli trade, with goods traded
between both countries exceeding $9 billion. UK exports to Israel
are also up 75% in the first half of 2018. This is due to strong
export growth in areas like life sciences and food and drink,
with Scotch whisky sales increasing by 300% since 2012.
This trip follows the agreement reached on our future
relationship with the EU in Brussels this weekend. The Political
Declaration on the Future Framework lays the groundwork for an
ambitious free trade deal with our largest trading partner,
whilst ensuring that we have the freedom to sign free trade deals
with old allies and new friends around the world.
As the UK leaves the European Union, the Department for
International Trade is seeking to replicate existing EU free
trade agreements and other EU preferential arrangements to ensure
the UK’s trade relationships with over 70 countries continues.
This includes the EU-Israel Association Agreement.
International Trade Secretary, The Rt Hon MP said:
“Britain's relationship with Israel is stronger than it has ever
been with record levels of bilateral cooperation in trade,
investment, science and technology. 2017 alone saw more than $9
billion worth of goods trade between our two countries.
“Ensuring continuity for our businesses is the best foundation
for growing two-way UK-Israel trade and investment. The
complementary nature of our economies in areas like science and
technology, where we are both global leaders, gives us an obvious
opportunity to increase our already record-breaking levels of
bilateral trade.”
The UK-Israeli Joint Trade Working Group was established in early
2017 to ensure continuity of trade post-Brexit. Significant
progress has been made in these discussions to transition the
EU-Israel Association Agreement as we leave the European Union.
As well as a booming trade relationship, Israeli investment into
the UK continues to grow. Since the 2016 referendum, there has
been £400 million of Israeli investment in the UK, creating 1,300
jobs across the country.”
ENDS
NOTES TO EDITORS
UK-Israel success stories
- Israel is one of the top 10 markets for UK car exports
outside the EU, with over £250m worth of cars sold in 2017.
Israel is the second largest market for Aston Martin cars in the
Middle East - 50 new cars sold here over the last year.
- British brands continue to expand to Israel: bed manufacturer
Vispring (by a partnership with Hollandia); chocolate
manufacturer Bendicks, which started selling its kosher version;
exclusive fragrance designer Jo Malone opened stores in Israel;
Superdry clothing brand is now opening stores in Israel.
- Israel’s largest investment house, Psagot, is owned by Apax,
a UK private equity fund. Apax Partners has also bought the Ten,
which has 55 petrol filling stations in Israel.
- Sales of Scotch whisky in Israel have increased by 300% since
2012. In 2017, 4.5 million bottles of Scotch whisky brands, worth
£31 million, were sold in Israel. Israel is now Scotland’s 28th
largest market for whisky.
