Asked by: Stephen Crabb (Conservative - Preseli Pembrokeshire)
Question to the Department for International Trade:
To ask the Secretary of State for International Trade, what estimate she has made of the total value of bilateral trade with Israel in the last five years, and what steps she is taking to increase that value in the next five years.
Answered by Penny Mordaunt - Lord President of the Council and Leader of the House of Commons
Our bilateral trade relationship with Israel is already strong at almost £5 billion per year. Total trade between the UK and Israel has grown over the last five years from £3.5 billion in 2015 to £4.8 billion in 2020.
Officials and Ministers are in regular contact with their Israeli counterparts on our existing bilateral free trade agreement and ambitions for our future relationship. The Government will open a Call for Input on an enhanced bilateral free trade agreement with Israel early this year.
Asked by: Stephen Crabb (Conservative - Preseli Pembrokeshire)
Question to the Department for International Trade:
To ask the Secretary of State for International Trade, what recent discussions she has had with the government of Israel on a free trade agreement.
Answered by Penny Mordaunt - Lord President of the Council and Leader of the House of Commons
Officials and Ministers are in regular contact with their Israeli counterparts on our existing bilateral free trade agreement and ambitions for our future relationship. On Wednesday 24th November 2021, my Rt. Hon. Friend the Secretary of State for International Trade met the Israeli Ambassador and discussed ways in which we can enhance our existing trade relationship over time.
The Government will open a Call for Input on an enhanced bilateral free trade agreement with Israel early this year.
Asked by: Stephen Crabb (Conservative - Preseli Pembrokeshire)
Question to the Department for International Trade:
To ask the Secretary of State for International Trade, what assessment she has made of sectors requiring trade cooperation with Israel beyond the trade continuity agreement.
Answered by Ranil Jayawardena
As the Foreign Secretary noted during his recent visit to the region, the United Kingdom’s relationship with Israel is strong. We wish to strengthen it even further. We have identified opportunities to do so in sectors such as financial services, infrastructure and technology. We will work with Israeli counterparts to realise these, including through reinstating plans to host a United Kingdom-Israel Trade and Investment Conference in London.
Asked by: Stephen Crabb (Conservative - Preseli Pembrokeshire)
Question to the Department for International Trade:
To ask the Secretary of State for International Trade, if he will make an assessment of the potential merits of imposing reciprocal tariffs for petroleum products in the event of the UK leaving the EU without a deal.
Answered by George Hollingbery
If the UK leaves the EU without a deal, the UK will implement a temporary tariff: https://www.gov.uk/guidance/check-temporary-rates-of-customs-duty-on-imports-after-eu-exit.
We expect that the EU’s most favoured nation (MFN) tariff regime will apply to UK exports in the event of the UK leaving the EU without a deal, and there is no indication that the EU will modify its tariff regime as a result of our exit.
This decision seeks to ensure that UK importers and consumers do not face potential disruption or price rises that a fully reciprocal tariff policy would create.
Asked by: Stephen Crabb (Conservative - Preseli Pembrokeshire)
Question to the Department for International Trade:
To ask the Secretary of State for International Trade, what assessment he has made of the potential effect on UK oil refining from the unilateral application of zero import tariffs on 87 per cent of goods entering the UK in the event of the UK leaving the EU without a deal.
Answered by George Hollingbery
If the UK leaves the EU without a deal, the UK will implement a temporary tariff.
The policy has been designed with the aim of minimising disruption and strikes a balance between avoiding high adjustment costs and protecting businesses from unfair trade in some sectors, and liberalising tariffs to maintain current supply chains and to avoid increases in consumer prices.
A range of evidence, including internal Government modelling on tariffs in a no deal scenario, supplemented with business stakeholder engagement, has identified sectors that would face significant adjustment costs from liberalisation, and where a reduction in tariffs could help mitigate consumer price increases.
At the end of the temporary period, the Government will introduce a long-term tariff regime. This will be developed over the course of the coming months following a full public consultation process.