Announced in February by UK Prime Minister and Israeli Prime
Minister Benjamin Netanyahu, the group will strengthen
the trade and investment relationship between the UK and
Israel.
Ministers expect to discuss the global trade environment
and ways to ensure continuity in the future of the
UK-Israel trade relationship. With the inaugural meeting
of the Trade Working Group, officials will begin work
towards a smooth transition to our trading relationship
as the UK leaves the EU.
Bilateral trade between the UK and Israel reached $7.5
billion in 2015 and the UK is Israel’s second largest
trading partner. It is also Israel’s number 1 destination
for investment in Europe, with more than 300 Israeli
companies operating in the UK. Since April 2016, 28
Israeli companies have set up shop or expanded their
presence, creating over 700 new jobs in the UK.
Over 30 British companies operate in Israel, in addition
to hundreds more that are represented.
International Trade Minister said:
From the cherry tomato to new global calling technology
Viber, Israeli inventions and produce have been
welcomed by UK consumers for many years.
My visit to Israel has reinforced the strong ties that
already exist between our 2 nations and our new working
group will look to continue the progress we have seen
in our burgeoning trade and investment relationship.
We will work together to maximise future trade
opportunities and ensure a smooth transition as we
leave the EU, to keep the UK-Israel trading
relationship thriving.
Minister of Economy and Industry Eli Cohen said:
As the UK is Israel’s first export destination in
Europe, we see high importance in keeping and enhancing
our trade relations when the UK ceases to be a member
of the European Union. We should make sure that the
business communities in both countries will be able to
continue trading with each other by providing them the
necessary trade platforms.
We welcome ’s decision to
visit Israel in that context, among visits of other UK
high officials.
