GCC pushes for UK free trade deal amid $78bn ties

The Secretary General of the Gulf Cooperation Council (GCC) Jasem Al Budaiwi said that he discussed with heads of the GCC diplomatic missions in the United Kingdom, the overall Gulf-British relations, mainly the ongoing negotiations on a free trade agreement between the two sides.

Al Budaiwi added that the GCC countries rely greatly on their relations with the United Kingdom, as it is an important strategic partner.

GCC-UK free trade agreement

He said: “We believe that concluding a free trade agreement would consolidate and strengthen relations and push them to broader horizons, especially economic, trade and investment relations”.

Al Budaiwi stressed that GCC countries have concluded five rounds of negotiations with the British side, and that the Gulf negotiating team is making unremitting efforts to remove all obstacles that prevent reaching such agreement.

The Gulf chief expressed hopes to reach a mechanism to increase and protect investments, in addition to obtaining multiple outlets to enter British markets at a time when the region’s countries also provide outlets for British goods in their markets.

Al Budaiwi said that he is scheduled to hold an expanded meeting with British Secretary of State for Trade and Business Affairs Kimmi Badenoch to consider the possibility of resolving remaining obstacles to the free trade agreement.

From her side, Ms Badenoch expressed the UK’s keenness to ensure the success of the negotiations in order to sign the FTA with the Gulf Cooperation Council as soon as possible.

At the end of the meeting, both sides expressed their commitment to achieving rapid progress in the negotiations, serving the common interests of both parties.

The UK Government recently stated a free trade agreement would be a substantial economic opportunity and a significant moment in the UK-Gulf Cooperation Council relationship.

Total trade was worth £61.5bn ($78bn) according to latest figures.