Labor government in Great Britain announced its commitment to continuing the talks to upgrade the trade agreement with Israel

The new Labor government in Great Britain announced its commitment to continuing the talks to upgrade the trade agreement with Israel. The Israeli negotiating team, led by the Foreign Trade Administration at the Ministry of Economy and Industry, will coordinate dates for the next round of negotiations with their counterparts at the British Ministry of Business and Trade as soon as possible.
The positive British message comes against the backdrop of estimates in Israel that Britain is expected to announce within a few days the termination of defense export licenses to Israel. The British have been considering the issue of arms export licenses for a long time. But now, with the change of government in London, the estimation in Israel is that the fall has fallen. Britain is a significant country when it comes to defense exports to Israel, and the fear in Jerusalem is that this is the first swallow - and other countries will follow suit.
The British Minister of Business and Commerce, Jonathan Reynolds, announced the new government's intention to resume negotiations on free trade agreements. The announcement confirmed that the talks will be renewed with the Cooperation Council of the Gulf States, with India, with Israel, with South Korea, with Switzerland and with Turkey.
The Minister of Economy and Industry, Nir Barkat, said: "The agreement being formed with the United Kingdom is expected to be the largest, most comprehensive and modern of the State of Israel and is a common interest for both economies that will allow for the extensive realization of the trade and investment potential between the countries. The rapid renewal of negotiations and the maintenance of continuity after the replacement The government in Great Britain is a consequence of the strategic importance that both sides attribute to upgrading the agreement."
There is a trade agreement between Israel and the United Kingdom that was signed already in 2019 and entered into force on January 1, 2021, when the United Kingdom left the European Union in the "Brexit" process. The Foreign Trade Administration explains that since the existing agreement is based on Israel's trade agreement with the European Union from 1995, the two countries are partners in seeing the need for an up-to-date and more modern trade agreement suitable for global trade today.