PRESS RELEASE : Trade Update – UK-Gulf Cooperation Council FTA [August 2023]
The press release issued by the Department for Business and Trade on 1 August 2023.
Statement on the fourth round of negotiations for a free trade agreement between the UK and the Gulf Cooperation Council.
The fourth round of negotiations for a free trade agreement (FTA) between the UK and the Gulf Cooperation Council (GCC) took place between 17 and 28 July.
The round was hosted in London and held in a hybrid fashion. A number of GCC negotiators travelled to London for in-person discussions with others attending virtually.
Draft treaty text was advanced across the majority of chapters. Technical discussions were held across 23 policy areas over 44 sessions. Good progress was made and both sides remain committed to securing an ambitious, comprehensive and modern agreement fit for the 21st century.
The GCC is equivalent to the UK’s 7th largest export market and total trade is worth £61.3 billion according to latest figures. An FTA will be a substantial economic opportunity and a significant moment in the UK-GCC relationship.
Government analysis shows that, in the long run, a deal with the GCC is expected to increase trade by at least 16%.
The fifth round of negotiations is expected to be hosted by the GCC later this year.
His Majesty’s Government remains clear that any deal we sign will be in the best interests of the British people and the United Kingdom economy.
