UK and GCC Progress Towards Free Trade Agreement
Prime Minister Keir Starmer discusses trade and defense cooperation with Saudi Crown Prince Mohammed bin Salman.
UK Prime Minister Keir Starmer has reported significant advancements in the negotiations for a free trade agreement between the United Kingdom and the Gulf Cooperation Council (GCC).
This announcement followed a recent call with Saudi Crown Prince Mohammed bin Salman, where both leaders addressed key issues surrounding tariffs and an economic partnership.
The discussions emphasized the leaders' commitment to enhancing economic relationships to provide stability for businesses affected by fluctuating global market conditions.
Starmer reaffirmed the UK's dedication to collaborating with international partners to fortify global economic stability and indicated a measured approach in ongoing discussions.
According to sources from Downing Street, Starmer and the Crown Prince reviewed the current status of bilateral relations and explored potential areas of cooperation, agreeing to build further on the progress made regarding the proposed UK-GCC free trade agreement.
The dialogue also extended to defense matters, with both leaders agreeing to intensify collaboration in security-related efforts.
Negotiations for the trade agreement had been stalled but were revived following the UK Labour government's election last year.
Formal discussions resumed in September, leading to virtual meetings and a delegation exchange; notably, a GCC delegation visited London in October, followed by a UK delegation's visit to Riyadh in November.
Trade Minister Douglas Alexander stated in December that both parties are focused on formulating a contemporary and commercially viable agreement.
Economic Secretary to the Treasury, Emma Reynolds, recently articulated the UK’s intention to enhance trade and investment ties with the United Arab Emirates (UAE), indicative of a broader GCC engagement strategy.
Reynolds described efforts for dual listings on the London Stock Exchange, which aim to bolster financial sector relations.
She classified the free trade agreement with the GCC as still developing, while emphasizing a more comprehensive partnership with the UAE.
Recent agreements have included a memorandum of understanding on financial services, signed in October 2023.
Tourism statistics show that record numbers of visitors from the UAE and other Gulf nations are anticipated to travel to the UK, with VisitBritain forecasting around 548,000 visitors from the UAE by 2025, a 10 percent increase compared to earlier estimates.
The projected spending by these tourists is expected to reach £1.1 billion this year, marking a 22 percent rise in expenditure.
Overall, visits from GCC countries to the UK are predicted to reach approximately 1.4 million, an 8 percent increase from 2024 estimates.
This announcement followed a recent call with Saudi Crown Prince Mohammed bin Salman, where both leaders addressed key issues surrounding tariffs and an economic partnership.
The discussions emphasized the leaders' commitment to enhancing economic relationships to provide stability for businesses affected by fluctuating global market conditions.
Starmer reaffirmed the UK's dedication to collaborating with international partners to fortify global economic stability and indicated a measured approach in ongoing discussions.
According to sources from Downing Street, Starmer and the Crown Prince reviewed the current status of bilateral relations and explored potential areas of cooperation, agreeing to build further on the progress made regarding the proposed UK-GCC free trade agreement.
The dialogue also extended to defense matters, with both leaders agreeing to intensify collaboration in security-related efforts.
Negotiations for the trade agreement had been stalled but were revived following the UK Labour government's election last year.
Formal discussions resumed in September, leading to virtual meetings and a delegation exchange; notably, a GCC delegation visited London in October, followed by a UK delegation's visit to Riyadh in November.
Trade Minister Douglas Alexander stated in December that both parties are focused on formulating a contemporary and commercially viable agreement.
Economic Secretary to the Treasury, Emma Reynolds, recently articulated the UK’s intention to enhance trade and investment ties with the United Arab Emirates (UAE), indicative of a broader GCC engagement strategy.
Reynolds described efforts for dual listings on the London Stock Exchange, which aim to bolster financial sector relations.
She classified the free trade agreement with the GCC as still developing, while emphasizing a more comprehensive partnership with the UAE.
Recent agreements have included a memorandum of understanding on financial services, signed in October 2023.
Tourism statistics show that record numbers of visitors from the UAE and other Gulf nations are anticipated to travel to the UK, with VisitBritain forecasting around 548,000 visitors from the UAE by 2025, a 10 percent increase compared to earlier estimates.
The projected spending by these tourists is expected to reach £1.1 billion this year, marking a 22 percent rise in expenditure.
Overall, visits from GCC countries to the UK are predicted to reach approximately 1.4 million, an 8 percent increase from 2024 estimates.
