Israel and Britain in efforts to regulate bilateral trade relations in view of the Brexit

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by Ifi Reporter Category:Government Dec 1, 2018

Minister of Economy and Industry Eli Cohen met with British Trade Minister Dr. Liam Fox, which was held as a direct continuation of efforts by Israel and Britain to regulate bilateral trade relations between the two countries, in view of Britain's exit from the European Union.
Britain is Israel's largest trading partner in Europe and the third in the world. The volume of trade between the two countries reached $ 10 billion in 2017, more than half of which was Israeli exports to Britain. In the first three quarters of 2018, Britain continued to be the first European export destination in Europe, with exports at $ 3.44 billion and imports at $ 5.18 billion.
In June 2016, a referendum was held in Britain, which determined that most of the inhabitants of the kingdom were interested in separating from the European Union (EU) in March 2017. Article 50 of the Treaty of Lisbon, which initiated the process of Britain's actual exit from the EU (Berkazit) According to the section, the exit must take place within two years from the date of its operation. In the months that have passed since then, the British have been working to formulate the retirement conditions, including a transitional agreement with the EE that will allow the parties time to adjust, by postponing the actual exit at the end of December 2020. The exit is expected to occur at the end of March 2019.
At the beginning of the week, the agreement was approved by the heads of the 27 EU countries and British Prime Minister Theresa Mae is trying to enlist support for the transition agreement, which has led to many objections within her party and beyond. Will be brought to him in the coming weeks.
In the context of the decision on the Berksit, a Ministry of Commerce was established in the UK with the Ministry of Economy in Israel, headed by Secretary of State Dr. Liam Fox.
Israeli trade with Britain is one of the most important to Israel. The trade between the two countries, as noted, stood at $ 10 billion last year. The importance of the relationship is also reflected in the extensive cooperation in R & D, and of course the existence of the association agreement with the European Union, which is the agreement for a free trade zone in which industrial exports between the countries are exempt from customs and agricultural exports, ) The Ministry of Economy and Industry is preparing for Britain's exit from the European Union, while safeguarding Israeli interests in trade and cooperation with Britain.

Minister of Economics and Industry Eli Cohen: "I was pleased to meet with Dr. Liam Fox, a British parliaments and close friend of Israel. I made it clear to him at the meeting the importance of Britain to the Israeli economy and we agreed on full cooperation so that the trade between the two sides would continue to exist under the same conditions as today, and that the Israeli companies would not be harmed as a result of Britain's departure from the European Union. We will continue to look after the interests of Israeli companies around the world. "

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