The agreement also protects existing preferential access to essential products. British consumers will continue to benefit from wider choice and lower prices for products imported from Israel, such as medicines, with Israeli companies being the main suppliers of the NHS. The agreement will ensure essential protection of intellectual property rights and maintain high trade standards across the sector. Details have been added on how this agreement is different from the current EU agreement. This trade and partnership agreement contains provisions on: if no agreement is reached by 31 December, royalties will be introduced for many imports and exports, which could drive up prices for businesses and consumers. Trade agreements also aim to remove quotas – limiting the amount of goods that can be traded. The Secretary of State for International Trade, Ranil Jayawardena, replied that annual bilateral trade between the United Kingdom and Israel was already in excess of $5 billion, but that it could be more numerous. Cooperation between companies and organizations in the two countries in the field of technology, science and innovation is growing year after year and the sky is the limit. Ensuring the continuity of our main joint ventures is therefore a must, and this agreement at this stage provides the necessary immediate security, while serving as a solid basis for the growth and improvement of existing trade and investment relations between Britain and Israel. The values of liberal democracy, which supports the EU in general, were part of the link between the Jewish state and a Western alliance (including Britain and the United States) that largely supported Israel and its interests.
These liberal values have also guaranteed the well-being of Jews in Western countries. It is these trends, including Brexit, that will be most important from a broader perspective for Israel and the Jewish people in a world of growing disorder. In the face of a national populist wave, Israeli policy must be designed to maneuver in this new world symbolized by Brexit. This suggests adopting a policy that allows for a broad base of support for Israel within and between Western powers, as reformulated. The government`s priority remains a minimal disruption to our global trade relations as we prepare to leave the European Union. We will continue to work with our trading partners to seek the continuity of existing trade agreements. This will further strengthen the UK`s trade relationship with Israel, which reached a value of $4 billion until the third quarter of 2018. Any trade agreement will aim to remove tariffs and remove other trade barriers that come into force. It will also cover both goods and services. Any existing EU agreement, which will not be rushed, will end on 31 December and future trade will take place on WTO terms until an agreement is reached. The European Union`s free trade agreement contributes to EU growth: in 2018, the EU was the world`s second largest exporter (15.5%) before the United States (10.6%) China (15.8%).
 Beyond the economy, Brexit will influence the internal dynamics that characterize the EU`s foreign policy, including with regard to Israel. Israeli politicians generally view EU diplomacy as biased towards the Palestinians. Britain has generally resisted France`s efforts to include the EU in the peace process and has advocated a balanced approach to support US-led diplomacy. Israel could therefore find a reason to weaken Britain as an intermediary between the United States and Europe. Government ministers announced that after Brexit they would seek a new trade deal between Britain and Israel with «higher ambitions» and describe the two countries as «technological superpowers.» The IBCC community, both in Israel and the United Kingdom, is very pleased and encouraged by the signing of the continuity trade agreement between the two countries. Trade