JEDDAH: Following “significant progress” in talks aimed at strengthening trade and investment links, the Gulf Cooperation Council and the UK want to wrap up free trade agreement negotiations in the “near future.”
According to a statement from the GCC General Secretariat, the talks occurred during a virtual conference between GCC trade ministers and their UK equivalent on May 11. According to UK official estimates for 2024, bilateral commerce between the GCC and the UK is expected to reach about £60 billion ($75.5 billion) yearly.
The GCC’s secretary-general, Jasem Mohamed Al-Budaiwi, stated that ministers applauded the advancements made in the talks and expressed optimism that they would soon come to an end, supporting a common goal of sustained economic growth.
According to the announcement, he went on to say that “the meeting addressed several key topics aimed at strengthening the strategic partnership.” These included overcoming remaining obstacles and aligning viewpoints on all aspects related to the Free Trade Agreement in preparation for its signing in the near future,” the statement continued.
The GCC member states’ ministers of commerce attended the conference, which was presided over by Bahrain’s minister of industry and trade, Abdulla bin Adel Fakhro, who is also the president of the current session.
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