UK-Palestine Trade Agreement Boosts Economic Development in Region

The Political, Trade and Partnership Agreement between the UK and Palestine has come into effect on January 1, 2021, aiming to simplify trade processes and enhance business relations between the two nations. This landmark agreement is expected to promote economic development in the region by increasing Palestinian exports and improving the movement of goods.

Key Provisions of the Agreement

Duty-free access to EU markets for Palestinian industrial goods
Phasing out tariffs on EU exports to Palestine over five years
Establishment of donor-funded credit guarantee facilities and political risk insurance schemes to mitigate risks
Strengthening of legal and institutional framework against corruption
Trade in goods, limited areas of services, competition, and intellectual property

Benefits for Palestinian Businesses

Improved movement of goods and increased capacity of trade-related institutions and private firms
Increased Palestinian exports by reducing tariffs and improving access to EU markets
Protection of intellectual property rights, ensuring businesses can protect their innovations and creations
Opportunities for growth and new business opportunities with the UK

Support from the British Consulate General in Jerusalem

“The agreement is a major step forward in promoting economic development in the region. We are committed to supporting Palestinian businesses and entrepreneurs, and this partnership will help drive growth and create new opportunities.”

Intellectual Property Protection

The UK-Palestine agreement provides for the protection of intellectual property rights, ensuring that businesses can protect their innovations and creations. However, it is noted that the PA does not have a modern Intellectual Property Protection Law.

Resources for Doing Business in Palestine

To learn more about doing business in Palestine, visit the British Consulate General’s website at www.gov.uk/world/organisations/british-consulate-general-jerusalem.