Simon Penney CMG was the key instigator of the UK-Gulf Free Trade Agreement in 2022, as then-UK Trade Commissioner to the Middle East. Now the FTA is finally completed, he tells us how the negotiations started, and what this means for the UK and The Gulf.
Simon Penney CMG spent much of his career working in the Gulf, initially in the private sector. In 2018, he was appointed as the first HM Trade Commissioner to The Middle East. in 2023 before returned to the private sector.
As HM Trade Commissioner, Simon initiated the UK-Gulf (GCC) Free Trade Agreement. He worked with ministers and officials from all six Gulf countries to expand trade and investment ties, also creating the UK’s first Sovereign Investment Partnerships with the UAE and Qatar (that will see over £25bn+ invested into UK industry), and oversaw 30% growth in bilateral trade. Simon promoted the UK to Gulf sovereign wealth funds with a focus on attracting investment into priority sectors as well as supporting Gulf countries increase their exports to the UK.
He talks to CMEC about his role in instigating the now complete UK-GCC FTA, challenges faced, and what this agreement will mean for the UK, The Gulf, and UK-Gulf relationships.