London, February 20 (QNA) - A trade continuity agreement will see Palestinian businesses and consumers benefitting from continued trade after the UK leaves the European Union. The UK-Palestinian Authority agreement was signed by both the UK International Trade Secretary Liam Fox and Minister of National Economy Abeer Odeh.
The agreement simplifies trade and will allow businesses to trade as freely as they do now once the UK leaves the EU. Trading on these preferential terms, rather than on World Trade Organization terms, will continue to deliver significant savings and help to further strengthen the bilateral trading relationship.
The agreement allows Palestinian businesses to continue access to the UK market tariff-free which will continue to benefit Palestinian producers in priority sectors, including exporters of fruit, nuts and vegetable fats including dates and olive oil. Signing the agreement reflects the importance of bilateral relations between the UK and the Palestinian Authority. The Agreement demonstrates the UKs commitment to strengthening bilateral cooperation, promoting Palestinian economic growth, and maintaining the UKs strong commitment to a two-state solution.
"The agreement reflects the importance of the UK-Palestinian relationship, a thriving Palestinian economy is in all our interests. We look forward to further strengthening our trade and investment relations with the Palestinian people," Fox said. The agreement will come into effect as soon as the implementation period ends in January 2021, or on 29 March 2019 if the UK leaves the EU without a deal. The UK is seeking to provide continuity for around 40 existing EU trade agreements covering more than 70 countries. (QNA)