Notwithstanding the shift in power in London, a free trade agreement between the UK and the Gulf Cooperation Council(GCC) is still expected to be finalized by the end of 2024, a senior official said.
According to the Saudi Press Agency, GCC Secretary-General Jasem Mohamed Al-Budaiwi made the remarks following a meeting with the recently appointed British Business and Trade Secretary Jonathan Reynolds.
Al-Budaiwi observed that the UK government was really interested in accelerating the negotiation process, and Reynolds stated that the deal should be signed before the end of the year.
Although the UK Labour Party won an election on July 4, the country’s trade policy with the Gulf Cooperation Council (GCC) seems to have remained intact from the previous Conservative administration.
A total of £23.1 billion ($25 billion) in products and services were exported by the UK to the GCC in 2020 alone, making up 71% of the country’s overall commerce with the GCC.
In terms of bilateral commerce, the Gulf countries rank as the seventh-largest destination for UK exports, with a total value of £61.3 billion ($78.29 billion) in 2022.
According to SPA, Al-Budaiwi and Reynolds discussed a variety of trade and economic issues, highlighting the significance of strengthening bilateral ties between the UK and the GCC.
Also Read:
Due to Economic Challenges and the EV Surge, the World’s Oil Consumption is Still Declining: IEA
The “Harvest Season” Campaign, Launched by the Environment Ministry, Promotes Regional Fruits
