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]
 Israel United Kingdom | |
| Type | Free Trade Agreement |
|---|---|
| Context | Trade agreement between Israel and the United Kingdom |
| Negotiators |
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| Parties | |
| Languages | |
History edit
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 edit
Israel and the United Kingdom formally launched negotiations for the new free trade agreement on 20 July 2022.[1][2]
| 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 edit
References edit
- ^ 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.
- ^ 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.
- ^ "UK trade agreements in effect". GOV.UK. 3 November 2022. Archived from the original on 17 January 2024. Retrieved 9 February 2024.
- ^ "EU - Israel". World Trade Organization. Retrieved 16 March 2024.
- ^ 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.
- ^ 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.
- ^ 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.
- ^ Lord Johnson of Lainston (8 June 2023). "Trade Negotiations Update". UK Parliament. Archived from the original on 11 April 2024. Retrieved 11 April 2024.
- ^ 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.
- ^ 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.
- ^ 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.
- ^ 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.
External links edit
Media related to Relations of Israel and the United Kingdom at Wikimedia Commons