Britain clinches $5 billion Gulf trade deal in shadow of Iran war
The agreement removes tariffs on 93% of British goods and is expected to add £3.7 billion a year to the UK economy, the government said.
- On Wednesday, Britain secured a "historic" trade deal with the Gulf Cooperation Council , becoming the first G7 nation to finalize an agreement with the bloc comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.
- Negotiations began four years ago when officials expected a £1.6 billion boost to gross domestic product. The GCC currently ranks as Britain's 10th-largest trade partner, with existing bilateral trade valued at about £53 billion.
- Duties totaling £360 million will be removed on day one of the agreement, while the government projects an annual economic boost of £3.7 billion and wage increases of £1.9 billion annually in the long run.
- The agreement secures commitments on data flow, enabling British firms to operate in the Gulf without local storage requirements. Tariffs on exports including cheddar, chocolate, and butter become tariff-free, supporting the services sector accounting for about 80 per cent of the British economy.
- British Prime Minister Keir Starmer called the agreement a "huge win" for businesses, marking his fifth major trade deal since taking office. The U.K. stated the partnership reflects "solidarity and long-term cooperation with its Gulf partners.
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45 Articles
Gulf countries strike free trade deal with UK
Gulf countries finalized a free trade agreement with the UK — the first such deal between the six-member Gulf Cooperation Council and a G7 economy. At a time of conflict, it offers a timely boost for the region, although the war also means any benefits could be slow to materialize.The deal took almost four years to negotiate and covers trade in goods and services, including digital services. Also in the deal are provisions allowing UK companies …
On Wednesday, Britain announced the conclusion of a trade agreement ‘historical' with the Member States of the Gulf Cooperation Council (GCC), becoming the first country in the G7 group to sign such a partnership with the Gulf bloc, reports CNBC, according to News.ro.
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