Ongoing Progress in GCC-UK Free Trade Agreement Talks
Muscat, The Gulf Observer: H. E. Qais bin Mohammed al Yousef, the Minister of Commerce, Industry and Investment Promotion, engaged in a virtual meeting on Monday with Greg Hands, the British Minister of State for Trade Policy, to deliberate on the free trade agreement (FTA) between the Gulf Cooperation Council (GCC) and the United Kingdom.
The purpose of the discussion was to propel the next round of negotiations for the FTA and to broaden the scope of economic and investment cooperation between the two entities.
The fifth round of FTA negotiations occurred from November 5 to 16, with Riyadh, Saudi Arabia, hosting the hybrid event. Notable progress was achieved during this round, with draft treaty text advancements across various chapters and technical discussions held in 21 policy areas over 40 sessions. Both parties reiterated their commitment to securing an ambitious, comprehensive, and contemporary agreement suitable for the 21st century, as reported by Minister Greg Hands to the UK parliament.
Hands highlighted the substantial economic opportunity presented by the FTA, characterizing it as a significant moment in the UK-GCC relationship. He mentioned that the next round of talks is scheduled to take place in London at the end of this month.
Acknowledging the challenges faced in the negotiations, Hands emphasized that they are typical for any trade discussions. He noted that while certain concessions may be required, the overall objective is a mutually beneficial outcome. The FTA is projected to contribute over a billion pounds annually to the GCC economy, fostering growth and strengthening economic ties. The current annual trade volume between the UK and GCC stands at £61 billion.
The GCC has previously signed FTAs with South Korea and Pakistan, marking crucial steps towards Gulf economic integration and fortifying economic and trade relations. These agreements are anticipated to boost bilateral trade, enhance trade in goods and services, and support economic diversification plans for both parties.
