LONDON: Britain has become the first G7 country to sign a trade deal with the Gulf Cooperation Council, a deal expected to inject £3.7 billion ($5 billion) a year into the British economy. The deal with the six-member GCC bloc is also expected to provide £1.9 billion in real wage gains, a UK government statement said.
The accord revolves around a major reduction in tariffs. Once the deal takes effect, £360 million in levies on UK goods sold to the Gulf would be lifted immediately, with a further £580 million subsequently erased.
British Prime Minister Keir Starmer called the accord “a massive win for British business” as he said it is the government’s fifth significant trade deal since coming to office, following agreements with India, the US, the EU and South Korea.
The Gulf states are important economic partners and this agreement enhances that relationship, building trust and unlocking new opportunities for trade and investment,” he said. GCC Secretary-General Jasim Al-Budaiwi said of the deal: “This will help cement the economic pathways of both regions for generations to come.
The GCC official said the pact provides a framework that is aimed to create clear, sustained and verifiable economic advantages for companies, investors and people across the seven economies that signed it.
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