UK to restart FTA talks with Gulf Cooperation Council (GCC)

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Muscat – After a pause for the British general election, the UK’s new government on Monday announced the restart of negotiations to secure a free trade agreement (FTA) with the Gulf Cooperation Council (GCC).

The UK’s Business and Trade Secretary Jonathan Reynolds announced the new government’s intention to deliver trade talks, starting with the GCC, India, Israel, South Korea, Switzerland and Turkey.

The sixth round of free trade talks between the UK and the GCC ended in February this year.

‘Restarting talks with GCC and others is the first step towards agreeing the high-quality trade deals the UK needs to give businesses access to international markets, boost jobs and deliver that growth,’ a press statement issued by the UK’s Business and Trade Department said.

With exports totalling £855bn, the UK was the world’s fourth largest exporter in 2022.

“Boosting trade abroad is essential to deliver a strong economy at home. That’s why I’ve wasted no time taking stock of progress and getting ready to press on with trade talks with our international partners,” Reynolds said.

“A trade agreement with the GCC would be a substantial economic opportunity, with at least £19bn total already invested in each other’s economies as of 2021.”