A highly anticipated free trade agreement (FTA) between the UK and the Gulf Cooperation Council (GCC) nations was achieved on Wednesday. The agreement includes first-of-its-kind GCC obligations on the free flow of data and eliminates tariffs on food exports, medical equipment, and sophisticated manufacturing.
Once the agreement goes into effect, it will benefit a number of industries, including the food and drink industry. Cereals, butter, chocolate, and cheddar cheese are just a few of the products expected to become tariff-free in the UK, fostering the expansion of British business.
In a statement, the UK government said that its agreements with India and the GCC would eventually boost the UK economy by more than £8 billion annually. The statement read, “This agreement ensures UK firms have secure access and growing opportunities across the Gulf, delivering the stability and certainty essential for prosperity.”
According to the most recent Office for National Statistics (ONS) data, the UK’s overall commerce with the GCC is valued at £53 billion, and bilateral trade might rise by 19.8%. Compared to 2040 predictions, this may eventually increase commerce between the UK and GCC nations by an additional £15.5 billion annually.
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