A trade continuity agreement will see Palestinian businesses and consumers benefiting from continued trade, after the UK leaves the European Union, UK International Trade Secretary Dr Liam Fox said, on Monday.

In Ramallah, the UK-Palestinian Authority agreement was signed by both the International Trade Secretary and Her Excellency, Abeer Odeh, Minister of National Economy.

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 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.

The UK is seeking to provide continuity for around 40 existing EU trade agreements covering more than 70 countries, PNN further reports.

The UK-Palestinian Authority Agreement applies to the territory of the West Bank and the Gaza Strip. Products produced in the Israeli settlements located within the territories brought under Israeli administration since June 1967 are not entitled to benefit from preferential tariff treatment.