UK, GCC launch ambitious trade negotiations – The Peninsula
- Date: 23-Jun-2022
- Source: The Peninsula Qatar
- Sector:Financial Services
- Country:Qatar
UK, GCC launch ambitious trade negotiations – The Peninsula
Doha: UK Trade Secretary Anne-Marie Trevelyan and officials from the Gulf Cooperation Council (GCC), made up of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE, yesterday launched the free trade negotiations covering £33.1bn of trade, said a press statement from the British embassy in Qatar,
The GCC is equivalent to the UK’s seventh largest export market, and total trade was worth £33.1bn in 2021. Only the US and China buy more UK goods and services.
The UK is also the GCC’s third largest export market, so a trade deal is set to benefit exporters from the UK and across the GCC.
In a visit to Riyadh, the Trade Secretary will meet GCC Secretary General Dr Nayef Falah M Al Hajraf to launch talks covering the £33.1bn of trade.
The launch of these negotiations marks a key moment in the strengthening of the UK's relationships with the GCC and see significant and wide ranging benefits to citizens of all seven nations involved.
Trade Secretary Trevelyan said: “Today marks the next significant milestone in our 5-star year of trade as we step up the UK’s close relationship with the Gulf. Our current trading relationship was worth £33.1bn in the last year alone. From our fantastic British