KCCI chief stresses economic dimension of ties with Britain

KCCI chief stresses economic dimension of ties with Britain

LONDON: Solid political relations are often forged on the bedrock of shared economic and trade benefits, Kuwait’s Chamber of Commerce and Industry Chairman Mohammad Al-Saqer told an Arab-UK economic summit on Wednesday. Underlining Kuwait’s eagerness to join such gatherings, he told KUNA on the sidelines of the 2nd Arab-British Economic Summit that Britain’s ties with the wider Arab region dates back more than two centuries.

Echoing the Kuwaiti official’s sentiments, Qatar’s chamber of commerce chief Sheikh Khalifa Al-Thani said Gulf Cooperation Council member states are among Britain’s most trusted trade partners, pointing out that bilateral trade between London and the Gulf Arab bloc was worth $38 billion last year.

Britain’s Trade Commissioner for the Middle East Simon Penney affirmed Wednesday his country’s commitment to achieving the free trade agreement with the GCC at the nearest possible opportunity. In his speech during the summit in London, Penney stated that the aim of the trade agreement is not to increase British exports to Arab markets, but to develop a sturdy economic partnership. He clarified the role of the British government, saying that it could be summarized in three main axes – exports, investments and trade policy.

Penney revealed that value of British exports to Arab