LONDON (Sputnik) – The United Kingdom and Israel have signed a trade agreement allowing businesses of the two countries to continue trading without any additional tariffs and barriers after UK withdrawal from the European Union, the UK Department for International Trade said in a statement.
“A trade continuity agreement will see British businesses and consumers benefitting from continued trade with Israel after we leave the European Union… The agreement simplifies trade and allows businesses to trade as freely as they do now, without any additional barriers or tariffs,” the statement said.
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According to the statement, the new agreement will help further boost trade between the United Kingdom and Israel, which amounted to 4 billion pounds ($5.1 billion) as for the end of the third quarter of 2018.
The agreement was signed in Jerusalem on Monday by UK Secretary of State for International Trade Liam Fox and Israeli Minister of Economy and Industry Eli Cohen.
The United Kingdom is set to leave the European Union in late March. The two sides have reached a withdrawal deal. However, it has not yet been approved by UK lawmakers, prompting fears of a no-deal Brexit both in Brussels and in London.