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Thursday, 27 January 2022
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Britain will start first step of trade negotiations with Gulf countries

Britain will start first step of trade negotiations with Gulf countries
UK-Westminster-London/Pixabay

The Today Online reported according to Reuters, Britain will on Friday take its first step towards trade negotiations with the six-country Gulf Cooperation Council (GCC), asking British businesses what they want an agreement to cover.


Trade minister Anne-Marie Trevelyan is targeting a deal with the GCC - Saudi Arabia, the United Arab Emirates, Oman, Qatar, Kuwait and Bahrain - as she looks to build new ties around the world following Britain's exit from the European Union.


On Friday, Trevelyan will launch a 14-week consultation, calling on the public and businesses to share their views on what a deal should look like. She will also meet representatives of the GCC in London.




Gulf Cooperation Council/Pixabay Gulf Cooperation Council/Pixabay

She said in a statement: "We want a modern, comprehensive agreement that breaks down trade barriers to a huge food and drink market and in areas like digital trade and renewable energy which will deliver well-paid jobs in all parts of the UK.”


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A deal would be an advance on the relations Britain had as an EU member: The EU meets the GCC annually to build economic cooperation and develop closer trade and investment ties, but 18-year negotiations over a trade deal stalled in 2008.


The GCC has not implemented a free trade deal since 2015 and Britain did not set out a timetable for negotiations.


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Britain already has close strategic and military ties with the gulf countries, and trade with the region was worth more than 30 billion pounds in 2020.


However, the pursuit of a formal trade deal could reignite political concerns over who post-Brexit Britain is seeking to do more business with.


Source: todayonline

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