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Israel–United Kingdom Free Trade Agreement

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Israel–United Kingdom Free Trade Agreement
  Israel
  United Kingdom
TypeFree Trade Agreement
ContextTrade agreement between Israel and the United Kingdom
Negotiators
Parties
Languages

The Israel–United Kingdom free trade agreement (IUKFTA) is a proposed free trade agreement which began negotiations on 20 July 2022.[1] The trade agreement would be the third FTA to cover Israel–UK trade, and superseding the Israel–UK Trade Continuity Agreement, extending the deal to cover services and digital trade.[2] Trade value between Israel and the United Kingdom was worth £6,881 million in 2022.[3]

History

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From 1 June 2000 until 30 December 2020, trade between Israel and the UK was governed by the Israel–European Union Association Agreement, while the United Kingdom was a member of the European Union.[4] Following the withdrawal of the United Kingdom from the European Union, the UK and Israel signed a continuity trade agreement on 18 February 2019, based on the EU free trade agreement; the agreement entered into force on 1 January 2021.[5][6]

Negotiations

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Israel and the United Kingdom formally launched negotiations for the new free trade agreement on 20 July 2022.[1][2]

IUKFTA Round of Negotiations
Round Dates Location Ref.
1 12–20 September 2022 Jerusalem [7]
2 9–17 March 2023 London [8]
3 23–27 July 2023 Jerusalem [9]
4 19–29 February 2024 Virtual meeting [10]
5 8–17 April 2024 London [11]

The UK and Israel concluded the fourth round of negotiations on 29 February 2024.[10]

The fifth round of negotiations highlighted that trade in services comprise around 80% of both the UK and Israel’s economies, yet services only make up just over one third of total trade between the two countries; officials blamed this on the current Israel–UK Trade Continuity agreement which only covers trade in goods. The trading relationship between the UK and Israel was valued at £6.4 billion, as of September 2023.[11] A spokesperson for Prime Minister Rishi Sunak rejected the notion that the threatened invasion of Rafah would affect negotiations on the UK–Israel Free Trade Agreement.[12]

See also

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References

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  1. ^ a b Trevelyan, Anne-Marie (20 July 2022). "UK launches Israel talks to boost trade between services superpowers". GOV.UK. Archived from the original on 20 July 2022. Retrieved 17 March 2024.
  2. ^ a b Smout, Alistair (20 July 2022). "Britain launches free trade talks with Israel". Reuters. Archived from the original on 20 July 2022. Retrieved 17 March 2024.
  3. ^ "UK trade agreements in effect". GOV.UK. 3 November 2022. Archived from the original on 17 January 2024. Retrieved 9 February 2024.
  4. ^ "EU - Israel". World Trade Organization. Retrieved 16 March 2024.
  5. ^ Fox, Liam (18 February 2019). "UK and Israel sign trade continuity agreement". GOV.UK. Archived from the original on 18 February 2019. Retrieved 16 March 2024.
  6. ^ Odenheimer, Alisa (18 February 2019). "U.K to Sign Post-Brexit Trade Continuity Accord with Israel". Bloomberg. Archived from the original on 19 June 2019. Retrieved 4 November 2023.
  7. ^ Badenoch, Kemi (23 September 2022). "Trade Negotiations with Israel and Canada". UK Parliament. Archived from the original on 11 April 2024. Retrieved 11 April 2024.
  8. ^ Lord Johnson of Lainston (8 June 2023). "Trade Negotiations Update". UK Parliament. Archived from the original on 11 April 2024. Retrieved 11 April 2024.
  9. ^ Huddleston, Nigel (7 September 2023). "Business and Trade update on trade negotiations, smarter regulation and recent departmental activity". TheyWorkForYou. Archived from the original on 8 September 2023. Retrieved 11 April 2024.
  10. ^ a b Hands, Gregg (29 June 2023). "UK-Israel Free Trade Agreement: Fourth Round Negotiations". UK Parliament. Archived from the original on 17 March 2024. Retrieved 17 March 2024.
  11. ^ a b Hands, Gregg (1 May 2024). "Israel Trade Negotiations Update". UK Parliament. Archived from the original on 1 May 2024. Retrieved 1 May 2024.
  12. ^ Harpin, Lee (1 May 2024). "Downing Street says no link between Israel trade negotiations and Gaza military action". Jewish News. Archived from the original on 1 May 2024. Retrieved 1 May 2024.
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Media related to Relations of Israel and the United Kingdom at Wikimedia Commons

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