British Ambassador Jon Wilks
Doha: UK Trade Secretary Anne-Marie Trevelyan and officials from the Gulf Cooperation Council (GCC), made up of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE, yesterday launched the free trade negotiations covering £33.1bn of trade, said a press statement from the British embassy in Qatar,
The GCC is equivalent to the UK’s seventh largest export market, and total trade was worth £33.1bn in 2021. Only the US and China buy more UK goods and services.
The UK is also the GCC’s third largest export market, so a trade deal is set to benefit exporters from the UK and across the GCC.
In a visit to Riyadh, the Trade Secretary will meet GCC Secretary General Dr Nayef Falah M Al Hajraf to launch talks covering the £33.1bn of trade.
The launch of these negotiations marks a key moment in the strengthening of the UK's relationships with the GCC and see significant and wide ranging benefits to citizens of all seven nations involved.
Trade Secretary Trevelyan said: “Today marks the next significant milestone in our 5-star year of trade as we step up the UK’s close relationship with the Gulf. Our current trading relationship was worth £33.1bn 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 10,000 SMEs 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,” she added.
British Ambassador to Qatar H E Jon Wilks CMG said: “The launch of the negotiations is a great opportunity for UK-GCC and UK-Qatar to boost prosperity, business and jobs for all sides. We look forward to rapid progress towards a deep and thorough deal.
“The UK and Qatar are already strong trading partners with total trade in goods and services between our two countries totalling £4.8bn in the four quarters to the end of 2021. A UK-GCC Free Trade Agreement will increase trade and investment both ways, contributing to economic growth and prosperity in the UK, Qatar and across the Gulf,” the Ambassador added.
In the UK, the talks are expected to culminate in a trade deal worth £1.6bn more a year to the UK economy.
A UK-GCC deal will mean significant benefits for British food and drink producers, who exported £625m to GCC countries last year.
With almost £30bn already invested in each other’s economies, this deal will also help unlock even more opportunities for investment between the UK and GCC countries.
UK technology, cyber, life sciences, creative industries, education, AI, financial services, and renewable energy businesses, whether based in the UK or in the Gulf will play a role in supporting GCC countries as they diversify their economies and deliver their Vision Strategies.
HM Trade Commissioner to the Middle East Simon Penney said: “The launch of trade negotiations today is a milestone in our relationship with the GCC. A comprehensive agreement with our GCC partners will make it easier for UK and Gulf businesses to trade, invest and do business with one another. This will bring jobs and growth to all corners of the UK, as well as the span of the countries in the Gulf”.
