Gulf Cooperation Council–United Kingdom Free Trade Agreement
  Gulf Cooperation Council
  United Kingdom
TypeFree Trade Agreement
ContextTrade between Gulf Cooperation Council and the United Kingdom
Negotiators
Parties
LanguageEnglish

The Gulf Cooperation Council–United Kingdom free trade agreement is a proposed free trade agreement which began negotiations in June 2022.[1] When completed it will be the first free trade agreement between the United Kingdom and the Gulf Cooperation Council, or any of its member states: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

Negotiations

Following the 2016 Brexit referendum, in which the UK voted to leave the European Union, the Gulf states began pressing the UK Government for a post-Brexit Trade agreement.[2]

British trade with the GCC was worth about 45 billion pounds ($61 billion) in 2019, 7% of the size of Britain's commerce with the European Union in 2019. Talks for a trade deal intensified in late 2021, just after the Premier League approved Saudi Arabia's sovereign wealth funds takeover of Newcastle United from billionaire Mike Ashley[3]

Minister of Industry, Commerce and Tourism for Bahrain, Zayed Al Zayani hoped that the two sides could complete negotiations by the "end of this year or the middle of next year," in January 2022.[4]

In June 2021, International trade secretary Anne-Marie Trevelyan stated that the agreement would target a £1.6bn annual boost to the UK economy, and that the agreement would be a comprehensive FTA that will cover manufactured goods and agricultural produce to financial and digital services.[5]

The UK Government confirmed that the first round of negotiations had been conducted from 22 August and 29 September 2022.[6]

On 4 July 2023, Bahrain announced plans to invest £1 billion in the UK as a preliminary move to strengthen ties related to financial services as part of the potential new trade deal.[7]

Controversy

Chair of the All-Party Parliamentary Group on Democracy and Human Rights in the Gulf, Brendan O'Hara MP criticized the absence of human rights talks.[8] Trade talks avoided discussions of events such as the murder of critical Saudi journalist Jamal Khashoggi, and the UAE's detention of British academic Matthew Hedges for alleged spying.[5]

See also

References

  1. ↑ "Britain launches free trade talks with Gulf countries". Reuters. 22 June 2023. Retrieved 29 December 2023.
  2. ↑ "Gulf Arab states push for UK free trade deal after Brexit - officials". Reuters. 26 March 2017. Retrieved 29 December 2023.
  3. ↑ "U.K. Starts Trade Deal Process With Saudi Arabia, Gulf". Bloomberg. 7 October 2021. Retrieved 29 December 2023.
  4. ↑ "UK, Gulf May Sign Post-Brexit Trade Deal This Year, Bahrain Says". Bloomberg. 27 January 2022. Retrieved 29 December 2023.
  5. 1 2 "UK seeks Gulf trade boost as talks start to secure deal". Financial Times. 21 June 2022. Retrieved 29 December 2023.
  6. ↑ "Gulf Cooperation Council trade negotiations update". GOV.UK. 12 October 2022. Retrieved 29 December 2023.
  7. ↑ "Bahrain Set to Invest £1 Billion in UK After Crown Prince Visits". Bloomberg. 4 July 2023. Retrieved 29 December 2023.
  8. ↑ "UK Starts Free Trade Talks With Gulf States, But Human Rights Seem Off The Menu". Forbes. 14 October 2022. Retrieved 29 December 2023.

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