The opening of talks on a UK-Israel free-trade agreement (FTA) is a welcome development for both countries. The negotiations, launched by Trade Secretary Anne-Marie Trevelyan in a meeting with Israeli ambassador Tzipi Hotovely on Wednesday, follow a bilateral roadmap on cyber, tech and defence drawn up last year. As it stands, UK-Israel trade is worth £5 billion annually and 6,600 British firms sell to the Middle Eastern nation. The objective of the FTA would be to reduce commercial barriers further.
Strengthening trade ties is of mutual benefit. More than 7,000 Brits are employed by Israeli-owned UK businesses and Israel is a key export market for London, the northwest and Scotland, who between them sell roughly half a billion worth of goods to the Jewish state every year. For its part, Israel, which already enjoys UK foreign direct investment to the tune of £1 billion, will be able to meet the growing needs of its import markets.
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