OPINION: New trade deal will turbo-charge two of world’s most innovative economies
Current arrangement precede smartphones and artificial intelligence
Game-changing medical technology, advances in artificial intelligence and exciting new fintech ventures – inventions and big ideas from the UK and Israel are improving lives around the world in a multitude of ways. For example, in England, Israeli companies already provide an estimated 100 million prescription items and these Israeli produced generic medicines provide value for patients.
It’s little wonder that this entrepreneurial success has earned Israel the nickname of the ‘Start-up Nation’. Meanwhile, the UK is attracting more tech investment than ever before. And both our countries boast an ever-growing list of tech unicorns.
However, it’s not just an innovative spirit that unites the UK and Israel. We both have a common belief in democracy and free markets. As strategic allies, we also have a long track-record of countering global challenges and threats together.
It makes clear sense, given all we share, that we use our trading relationship to build even closer ties. That is why today, I have launched negotiations on an upgraded trade agreement with Israel.
Trade between the UK and Israel is already worth £5 billion a year.
However, our current deal, the UK-Israel Trade and Partnership Agreement, does not reflect the realities of the modern world. It is based on an agreement signed by the EU over a quarter of a century ago, before smartphones, artificial intelligence and the internet transformed our economies.
It also contains no specific provisions for our thriving and rapidly growing services sectors. This is a clear gap, given Israel’s demand for digital products and services is expected to grow rapidly.
Today, as we kickstart talks, we’ll get a chance to start to change this. We want to unlock new possibilities for UK businesses in one of the world’s fastest growing economies.
Many of these opportunities will come from sectors where the UK and Israel already excel. From technology, research and development, to digital and data.
An upgraded, reinvigorated UK-Israel trade deal can take our cooperation in these areas to new heights by tackling trade barriers and reducing costs.
That’s not all. A revamped FTA would make it easier us to take advantage of the transformative ideas we will both undoubtedly develop over the years ahead.
All this illustrates how a revitalised deal could translate into real economic opportunities for both our countries.
Over 6,600 UK firms trading in goods with Israel – 85% of which are SMEs – will be well-positioned to reap these rewards. So will their 1.7 million employees.
In short, this 21st century deal will play to our mutual strengths, unleash innovation and turbo-charge two of the most dynamic economies on the planet.
I’ve every confidence, we’ll see these extraordinary benefits becoming a clear reality for both our nations in the near future.
Thank you for helping to make Jewish News the leading source of news and opinion for the UK Jewish community. Today we're asking for your invaluable help to continue putting our community first in everything we do.
For as little as £5 a month you can help sustain the vital work we do in celebrating and standing up for Jewish life in Britain.
Jewish News holds our community together and keeps us connected. Like a synagogue, it’s where people turn to feel part of something bigger. It also proudly shows the rest of Britain the vibrancy and rich culture of modern Jewish life.
You can make a quick and easy one-off or monthly contribution of £5, £10, £20 or any other sum you’re comfortable with.
100% of your donation will help us continue celebrating our community, in all its dynamic diversity...
Engaging
Being a community platform means so much more than producing a newspaper and website. One of our proudest roles is media partnering with our invaluable charities to amplify the outstanding work they do to help us all.
Celebrating
There’s no shortage of oys in the world but Jewish News takes every opportunity to celebrate the joys too, through projects like Night of Heroes, 40 Under 40 and other compelling countdowns that make the community kvell with pride.
Pioneering
In the first collaboration between media outlets from different faiths, Jewish News worked with British Muslim TV and Church Times to produce a list of young activists leading the way on interfaith understanding.
Campaigning
Royal Mail issued a stamp honouring Holocaust hero Sir Nicholas Winton after a Jewish News campaign attracted more than 100,000 backers. Jewish Newsalso produces special editions of the paper highlighting pressing issues including mental health and Holocaust remembrance.
Easy access
In an age when news is readily accessible, Jewish News provides high-quality content free online and offline, removing any financial barriers to connecting people.
Voice of our community to wider society
The Jewish News team regularly appears on TV, radio and on the pages of the national press to comment on stories about the Jewish community. Easy access to the paper on the streets of London also means Jewish News provides an invaluable window into the community for the country at large.
We hope you agree all this is worth preserving.
