The Department for International Trade has confirmed that trade will continue with Israel after the UK has left the EU, with the continuity agreement simplifying trade and allowing businesses to trade as they do now, without any extra tariffs or barriers in place.

The trading relationship between the two nations was worth £4 billion in the year ending in the third quarter of 2018. If this agreement wasn’t in place, the vehicles sector in the UK could have to pay up to £9 million a year in tariff charges on exports, while mechanical appliance and machinery exporters could have to pay up to £5 million annually.

Not only that but the agreement also affords protection for existing preferential market access for products like pharmaceuticals, with Israel firms acting as major suppliers to the NHS.

“Britain’s relationship with Israel is stronger than it has ever been with record levels of bilateral cooperation in trade and investment between our two nations. Today’s agreement will further help ensure UK and Israeli businesses, exporters and consumers have the certainty they need to continue trading freely and in confidence as the UK prepares to leave the EU.

“We look forward to further strengthening an ambitious trade and investment relationship with Israel as we work closer together in the future,” Dr Liam Fox, international trade secretary, commented.

It has also just been revealed that a mutual recognition agreement on conformity assessment has been signed between the UK and the US in preparation for Brexit, helping to facilitate goods trade between the two countries and meaning that UK exporters will continue to make sure that goods are compliant with technical regulations before they leave British soil, saving time, money and resources for businesses.

For pharma packaging solutions, get in touch with us today.