Trade Secretary Anne-Marie Trevelyan is launching free trade negotiations today (Wednesday, June 22) between the UK and the Gulf Cooperation Council (GCC), made up of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE.
Equivalent to the UK’s seventh largest export market, the GCC bloc’s demand for international products and services is expected to grow rapidly to £800 billion by 2035, a 35% increase – opening huge new opportunities for UK businesses.
Trevelyan said that a free trade deal would also open the door to increased investment from the Gulf, supporting and creating jobs across the country.
In a visit to Riyadh, Saudi Arabia, the Secretary of State will meet the GCC Secretary General, Dr. Nayef Falah M. Al-Hajraf, and her counterparts from all six GCC countries, to launch talks expected to culminate in a trade deal worth £1.6 billion more a year to the UK economy.
It is the fourth major set of Free Trade Agreement (FTA) negotiations launched by the Trade Secretary this year, following visits to begin talks in India in January, Canada in March, and the launch of negotiations with Mexico last month.
UK Trade Secretary Anne-Marie Trevelyan said:
“Today marks the next significant milestone in our five-star year of trade as we step up the UK’s close relationship with the Gulf.
“Our current trading relationship was worth £33.1 billion in the last year alone.
“From our fantastic British food and drink to our outstanding financial services, I’m excited to open up new markets for UK businesses large and small, and supporting the more than ten thousand SMEs (small to medium-sized enterprises) already exporting to the region.
“This trade deal has the potential to support jobs from Dover to Doha, growing our economy at home, building vital green industries and supplying innovative services to the Gulf.”
UK-GCC deal would mean significant benefits for British farmers and producers, as the Gulf is highly dependent on imported food.
British food and drink exports to GCC countries were worth £625 million last year, and a deal could significantly reduce or remove tariffs on UK food and drink exports.
