LONDON – The newly installed UK government has reaffirmed its commitment to finalizing a free trade agreement with the Gulf Cooperation Council (GCC) by the end of 2024. This announcement follows a meeting between the British Business and Trade Secretary, Jonathan Reynolds, and GCC Secretary-General Jasem Mohamed Al-Budaiwi.
Al-Budaiwi conveyed the UK’s strong resolve to expedite negotiations and secure a deal before the year concludes. Reynolds echoed this sentiment, emphasizing the importance of the agreement in bolstering economic ties between the UK and the GCC region.
Both parties have expressed eagerness to accelerate the negotiation process, with regular high-level meetings scheduled to finalize the agreement’s various chapters. The successful conclusion of these talks is seen as crucial in enhancing cooperation and strengthening the strategic partnership between the two entities.
The potential FTA has been described as groundbreaking, with the expectation that it could set a precedent for future GCC trade agreements.
