The United Kingdom and the member states of the Gulf Cooperation Council are close to finalizing negotiations on a free trade agreement that have been ongoing since 2022. This was reported by the Financial Times, citing sources familiar with the progress of the talks, according to UNN.
Details
The Cooperation Council includes Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Bahrain, and Oman. According to the FT, an agreement in principle could be reached in the coming days. GCC Secretary General Jasem Al-Budaiwi is expected to arrive in London this week.
The deal could add billions of pounds to the British economy
The British government confirms that negotiations are at an advanced stage and remain one of its priorities. Last week, Bahrain even prematurely announced the conclusion of the talks on social media, though it later deleted the post.
According to UK government estimates, the future agreement could increase the country's GDP by £1.6 billion to £3.1 billion annually by 2036. Currently, the volume of bilateral trade between Britain and the Gulf states exceeds $53 billion.