Free Trade Agreement Negotiations between the UK and GCC launched

Free Trade Agreement Negotiations between the UK and GCC launched

The FTA will contribute to economic growth and job creation by promoting trade in goods and services

The UK Government on Wednesday announced the launch of Free Trade Agreement (FTA) negotiations between the UK and the Gulf Cooperation Council (UK-GCC FTA).

Building upon close ties between the two sides, the UK-GCC FTA is expected to further strengthen bilateral economic relations and our strategic partnership.

We acknowledge that it is now more important than ever to support an open trading environment based on global trading rules that underpin mutual growth and prosperity.

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The FTA will be an ambitious, comprehensive and modern agreement fit for the 21st century. It will contribute to economic growth and job creation by promoting trade in goods and services, as well as innovative new fields and emerging technologies in a mutually beneficial manner.

The Rt Hon Anne-Marie Trevelyan, Secretary of State for International Trade of the United Kingdom, and H.E. Dr. Nayef Falah M. Al-Hajraf, Secretary General of the Gulf Cooperation Council, have reached the following understanding:

The United Kingdom of Great Britain and Northern Ireland and the Gulf Cooperation Council officially announce the launch of the UK-GCC FTA negotiations, and will endeavour to launch the first round of negotiations in summer 2022.

British Foreign Secretary Liz Truss welcomed the news of the launch of negotiations for a FTA between the Gulf Cooperation Council (GCC) for Arab States and the United Kingdom.

She stressed - in her statement - that the GCC's Member States are strong economic partners of the United Kingdom, adding that the free trade agreement would enhance the United Kingdom's economy and provide new investment opportunities.

Read More: GCC Port Operators Expand Presence Across Supply Chains: KPMG Report

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