UK-GCC free trade deal called 'landmark' by British minister

A significant free trade agreement between the United Kingdom and the Gulf Cooperation Council (GCC) is nearing completion, with British Trade Minister Chris Bryant hailing it as a "landmark" achievement. Bryant told Asharq Al-Awsat that the deal is not only economically valuable but also represents the first such agreement between the GCC and a G7 nation. He anticipates the agreement could come into force within 12 to 14 months of its signing, which London hopes will occur in September or October following a legal review.

“

landmark

The trade deal is projected to generate around £3.7 billion in additional trade for the UK economy, with similar benefits expected for the Gulf states. Minister Bryant highlighted the agreement's symbolic importance, especially in the current regional climate marked by recent conflicts. He also praised the comprehensive nature of the pact, noting that it extends beyond traditional tariff reductions to encompass crucial areas like services, the digital economy, and artificial intelligence. This focus aims to facilitate business between companies on both sides.

“

around £3.7 billion

Bryant emphasized that the UK's strengths in services, particularly in financial services, legal services, architecture, construction, creative industries, fintech, and life sciences, offer substantial opportunities for enhanced cooperation. He pointed out the UK's robust financial services sector and the significant investments Gulf economies have made in the UK market. The minister also underscored the importance of legal services, linking them to the British identity's strong emphasis on the rule of law, and noted recent regulatory changes in Saudi Arabia that ease operations for British legal firms. Advertising and creative services were also identified as key areas of British expertise.

“

in maybe a year, 14 months maybe at most