The UK Government has begun a 14-week consultation calling for the public and business to share their views on a trade deal with the Gulf Cooperation Council (GCC), which includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.
Contributing almost £22 billion to UK exports and with bilateral trade worth over £30 billion, the GCC is already a significant trade partner for the UK.
However, a new trade deal could expand existing trade relations with the GCC into new sectors such as digital trade, financial services and green projects.
International Trade Secretary Anne-Marie Trevelyan has said that many British businesses could benefit from the deal, especially as the region covered by the GCC moves away from its traditional reliance on oil and other fossil fuels.
Instead, the region is looking into financial and digital services, as well as taking a growing interest in British food and drink exports.
Last year more than £597 million worth of food and drink was exported to GCC countries, with lamb, biscuits and chocolate all being popular commodities.
The Government said that “farmers and food producers could now benefit hugely from better market access to a region that imports virtually all its food and has high demand for top-quality British produce.”
Alongside exports, the UK has become a leading destination for investment from GCC members and local investors. It hoped that a trade deal would help to secure additional funding for renewable energy, infrastructure, tech and life sciences.
International Trade Secretary Anne-Marie Trevelyan said: “A trade agreement with the Gulf Cooperation Council is a huge opportunity to liberalise trade with a growing market for British business and deepen ties with a region that is vital to our strategic interests.
“We want a modern, comprehensive agreement that breaks down trade barriers to a huge food and drink market and in areas like digital trade and renewable energy which will deliver well-paid jobs in all parts of the United Kingdom.
International Trade Minister Ranil Jayawardena added: “The nations forming the Gulf Cooperation Council are, together, one of our biggest trading and investment partners and are home to over 50 million people.
“From exports of Welsh lamb and Scotch beef to biscuits from Belfast and financial services from the City of London, we are determined to strike a deal that will further cement our relationships, attract investment, promote trade opportunities and provide significant benefits for British business, creating jobs in communities across the country.”
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