UK & Gulf Cooperation Council hold FTA negotiations

27 Mar '23

1 min read

Pic: Shutterstock/ Just dance

The third round of negotiations for a free trade agreement (FTA) between the UK and the Gulf Cooperation Council (GCC) took place recently. The round was hosted by GCC in Riyadh, Saudi Arabia and held in a hybrid fashion. A number of UK negotiators from across the government travelled to Riyadh for in-person discussions and others attended virtually.

Draft treaty text was advanced across the majority of chapters. Technical discussions were held across 13 policy areas over 30 sessions. Good progress was made and both sides remain committed to securing an ambitious, comprehensive, and modern agreement fit for the 21st century, UK’s department for international trade said in a press release.

An FTA will be a substantial economic opportunity and a significant moment in the UK-GCC relationship. Government analysis showed that, in the long run, a deal with the GCC is expected to increase trade by at least 16 per cent, add at least £1.6 billion a year to the UK economy, and contribute an additional £600 million or more to the UK.

The fourth round of negotiations is expected to be hosted by the UK later this year.

Fibre2Fashion News Desk (NB)

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