Australia will turn its attention towards clinching a trade agreement with Israel in a deal that would boost innovation, cyber security and defence.
Federal Trade Minister Dan Tehan will prioritise a deal between the two nations in the coming months as negotiations between the governments reach critical stages with the United Kingdom and the European Union.
Mr Tehan said he was keen to work “very quickly this year” on finalising a scoping study for an Israel-Australia free trade agreement by July with the hope to “move to something of more substance by end of the year”.
A similar feasibility study to scope the benefits of beginning trade negotiations with European Free Trade Association countries Iceland, Liechtenstein, Norway and Switzerland will also be undertaken this year.
Israel’s innovation eco-system is one of the most developed in the world, shaped by a sophisticated system of major global investors, start-ups, the Israeli military and universities. Its economy has been growing continuously for the past 16 years, averaging 3.8 per cent GDP growth annually.
Austrade, the federal government’s trade, investment and education promotion agency established one of its five innovation “landing pads” in Tel Aviv in 2016 as part of the National Innovation and Science Agenda. The landing pad offered early-stage Australian start-ups a platform to build links with local and multinational business partners in Israel.
The two nations signed a Technological Innovation Cooperation Agreement in 2017, which included a bilateral funding to enable cooperation between Australian and Israeli companies.
Read the article by Rob Harris in The Sydney Morning Herald.