UK-Israel Trade Booms
UK-Israel bilateral trade rose an impressive 34% to reach £3.75 billion ($6b.) in 2011, according on an article in the Jerusalem Post. British Ambassador to Israel, Matthew Gould, takes this as a sure sign that talk of economic boycotts of Israeli products in the UK are marginal and insignificant.
According to the Jerusalem Post, Israeli exports to the UK stood at £2.18 billion ($3.5b.) and British exports to Israel reached £1.57 billion ($2.5b.) in 2011. This made Israel the UK’s largest trade partner in the Middle East and its 29th largest export market overall.
“These figures are big enough to be important to both countries,” Gould told economic reporters at his Ramat Gan residence. “They also implicitly give a very good answer to anyone who talks about economic boycott, and that answer is: ‘What economic boycott?’”
The article points out Gould’s emphasis that Israel and the UK complement each other – with the UK strong in content and Israeli companies strong in technology to transmit that content. The British Embassy in Israel has recently established a Hi-Tech Hub – which aims to create technological partnerships between the UK and Israel. Additionally, David Cameron’s government has issued a 2011 White Paper on Trade and Investment for Growth which named Israel as a key strategic partner for the future.
For the full Jerusalem Post article click here.