British Trade Secretary Jonathan Reynolds and Trade Policy Minister Douglas Alexander are visiting the Gulf this week on their first joint international trip since the recent election, the UK government announced.
The visit aims to enhance trade and investment ties with the Gulf Cooperation Council (GCC) countries, comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.
The ministers are meeting with Gulf counterparts in Riyadh on Monday to discuss ways to grow the UK economy through increased trade with the region. The UK-GCC trade relationship is currently valued at £57 billion ($75bn), with the British government estimating that a free trade agreement could boost the UK economy by £1.6 billion ($2.1bn) in the long term.
“Economic growth is this government’s driving mission and boosting trade and investment with some of the world’s biggest economies is crucial to that,” Reynolds stated. He emphasised the desire for a high-quality trade deal that supports jobs, helps UK companies expand in the region, and increases consumer choice.
The visit also serves as a precursor to the International Investment Summit on October 14, with the ministers showcasing the UK as an attractive investment destination. They are highlighting Britain’s expertise in various industries, including technology, life sciences, creative industries, financial services, and renewable energy.
Following the Riyadh meetings, Minister Alexander will travel to Oman to meet with local counterparts and UK businesses operating successfully in the country. The UK accounts for more than half of the foreign direct investment in Oman, according to official data.
This Gulf visit is part of a broader strategy to secure trade agreements with other countries, including India, Switzerland, and South Korea.
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