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A significant free trade agreement between the United Kingdom and the Gulf Cooperation Council (GCC) is nearing finalization, with both sides aiming to sign the deal in September or October. British Minister of State for Trade, Chris Bryant, hailed the agreement as a "landmark" moment, emphasizing its economic value and its status as the first such pact between the GCC and a G7 nation.

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The UK-GCC Free Trade Deal a ‘Landmark’ Moment

Bryant anticipates the agreement will inject approximately £3.7 billion into the UK economy through increased trade, with the Gulf states expecting similar benefits. The deal's scope extends beyond traditional tariff reductions to encompass crucial modern sectors, including services, the digital economy, and artificial intelligence. This comprehensive approach aims to streamline business operations for companies on both sides.

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the agreement could enter into force “in maybe a year, 14 months maybe at most” after signature.

"What we've done so far is we've concluded negotiations," Bryant stated, noting that the text is largely agreed upon. "Now, we have to do what's known as legal scrub. That will take a while before signature." He expressed hope for the deal's entry into force within 12 to 14 months of signing, drawing parallels with the swift implementation of the UK's agreement with India.

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What we’ve done so far is we’ve concluded negotiations. Now, we have to do what’s known as legal scrub. That will take a while before signature. I hope we’ll be able to do that in September or October.

Highlighting what distinguishes the UK from other potential partners, Bryant pointed to the UK's expertise in services, particularly financial and legal services. He noted that the UK's strength as a financial center is a key reason for Gulf economies investing in Britain and expanding their presence there. The minister also cited advertising and creative services as significant British assets, underscoring the potential for deep cooperation as Gulf economies diversify away from hydrocarbons.

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We’re phenomenally good as a financial services center. Everybody knows that.