UK ready to sign Gulf trade deal within weeks, says trade minister
Britain wants its trade agreement with the Gulf Co-operation Council signed within weeks as it seeks deeper economic ties with a region whose importance to global energy, investment and trade is critical amid the six-month Iran war. Anas Sarwar, the UK’s new Minister of State for Trade, said the country was ready to sign the GCC agreement and begin preparatory work towards a deeper bilateral…
The UK's Minister of State for Trade, Anas Sarwar, declared his intention to sign a Gulf Co-operation Council trade agreement within weeks, aiming to bolster economic ties with the region amid ongoing geopolitical tensions. Sarwar's visit to the Gulf came amidst heightened economic implications stemming from the ongoing Iran war, which has caused disruptions in global energy supplies and shipping.
The UK and the UAE have been negotiating a free trade agreement since June 2022, and the deal is now awaiting signature before it can become effective. The agreement is expected to increase bilateral trade by 19.8% and eliminate tariffs on UK exports, benefiting various sectors like food, drink, and automotive industries. Sarwar emphasized the importance of the Gulf as a strategic partner for peace, security, and economic growth, stating that his visit to Saudi Arabia and the UAE marked the beginning of deeper bilateral relationships.
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