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Britain clinches $5 billion Gulf trade deal in shadow of Iran war
The agreement could lift UK GDP by £3.7 billion a year and remove tariffs on food, medical equipment and advanced manufacturing.
- 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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17 Articles
17 Articles
Measure deep economic ties with allies of a region affected by the consequences of the war in Iran
·Brazil
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Evening Standard+5 Reposted by 5 other sources
Government hails trade deal with Gulf states ‘worth £3.7bn a year’ to UK economy
The UK has become the first G7 country to agree a trade deal with a bloc of Gulf states, in an agreement the Government said would boost the economy by an estimated £3.7 billion every year.
·London, United Kingdom
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Economy win as UK-Gulf business deal could raise Britons' wages and boost GDP by £3.7bn a year
British wages could receive a much-needed raise, and gross domestic product (GDP) growth in the economy may be bolstered by £3.7billion a year under a landmark new deal.
·London, United Kingdom
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Coverage Details
Total News Sources17
Leaning Left5Leaning Right2Center5Last UpdatedBias Distribution42% Left, 42% Center
Bias Distribution
- 42% of the sources lean Left, 42% of the sources are Center
42% Center
L 42%
C 42%
R 16%
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