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British Trade Minister to Asharq Al-Awsat: UK-GCC Free Trade Deal a ‘Landmark’ Moment
🇸🇦 Saudi Arabia /Economy & Trade

British Trade Minister to Asharq Al-Awsat: UK-GCC Free Trade Deal a ‘Landmark’ Moment

From Asharq Al-Awsat · () English

Summarized and contextualized by DistantNews.

At a glance

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  • The UK and Gulf Cooperation Council (GCC) are finalizing a landmark free trade agreement.
  • British Trade Minister Chris Bryant expects the deal to boost trade by approximately £3.7 billion for the UK and a similar amount for the Gulf.
  • The agreement covers services, digital economy, and AI, aiming to facilitate business between the UK and GCC nations.

A "landmark" free trade agreement between the United Kingdom and the Gulf Cooperation Council (GCC) is nearing finalization, according to British Minister of State for Trade Chris Bryant. He described the deal as significant not only for its economic potential but also as the first of its kind between the GCC and a G7 nation.

landmark

— Chris BryantDescribing the free trade agreement between the UK and GCC.

Bryant anticipates the agreement could come into force within 14 months of its signature, with hopes for signing in September or October following a legal review. The deal is projected to generate around £3.7 billion in additional trade for the UK economy, with comparable benefits for the Gulf states. The minister highlighted the agreement's symbolic importance during a sensitive regional period, referencing recent conflicts and attacks in the Gulf.

around £3.7 billion

— Chris BryantEstimating the additional trade value the deal would generate for the UK economy.

The scope of the agreement extends beyond traditional tariff reductions to encompass services, the digital economy, and artificial intelligence. Bryant emphasized the UK's strengths in financial services, legal services, architecture, construction, creative industries, fintech, and life sciences as key areas for deeper cooperation. He noted that the rule of law is a central aspect of the UK's offering, referencing recent improvements for British legal firms operating in Saudi Arabia. The minister also pointed to the UK's advertising and creative services sector, which saw £19.4 billion in exports last year, as another area of significant potential.

similar numbers for the Gulf

— Chris BryantEstimating the additional trade value the deal would generate for the Gulf economies.
DistantNews Editorial

Originally published by Asharq Al-Awsat. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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