The United Kingdom welcomed on Wednesday, 20 May, the successful conclusion of a landmark Free Trade Agreement between the UK and the Gulf Cooperation Council (GCC), comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. The agreement, which is expected to contribute £3.7 billion to the British economy, represents a significant step forward in strengthening economic cooperation, promoting sustainable growth, and deepening long-standing partnerships between the UK and the Gulf region.
As the first G7 country to conclude a comprehensive trade agreement with the GCC, the UK reaffirmed its commitment to open, rules-based trade and to fostering closer strategic ties with one of the world’s fastest-growing economic regions. The deal is projected to contribute substantially to long-term economic growth while supporting businesses, jobs, and investment on both sides.
The long-anticipated agreement will now proceed through the respective domestic ratification processes before entering into force.
Read the official paper here.