The UK has agreed a trade deal with six Gulf states which it says will be worth £3.7billion to the economy.
The deal, which involves Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (UAE) making up the Gulf Cooperation Council, will remove an estimated £580million-a-year burden in tariffs from British exports to the region once fully implemented.
British products to benefit from tariffs removals include cheddar cheese, butter and chocolate.
Additionally, the move will make Gulf expansion easier for British firms, the BBC reports.
William Bain, Head of Trade Policyat the British Chambers of Commerce, said: “This deal is great news for the UK economy; it will open up new opportunities for inward investment, exports and supply chains. Once ratified, there will be improved market access for key UK services sectors and lower tariffs on food and drink, automotives, and industrial goods.
“There is great potential to expand our trade with this key region, which already generates £57bn a year for the UK economy. Securing long-term economic benefits with close trade partners, like the GCC, is vital for tens of thousands of UK firms with high ambitions on export growth.”
Katy Keenan, CEO of the British Chamber of Commerce Dubai, said: “This agreement is greatly anticipated. It has been a fully consultative process with government on industry engagement, including the views of British firms across multiple sectors based in the United Arab Emirates (UAE).
“The GCC FTA is reflective of the progressive nature of the business landscape, and it carries promising potential for even greater collaboration across the GCC. That applies to boththose already established in the UAE and those looking to explore the region from the UK.”
Emad Turkman MBE, Chairman of the British Chamber of Commerce Qatar, said: “The announcement of a Free Trade Agreement between the UK and the GCC represents a significant and highly positive step forward for trade, investment and long-term economic collaboration across the region.
“From Qatar’s perspective, this agreement has the potential to further strengthen already strong bilateral ties with the UK, whilst creating new opportunities for businesses operatingacross sectors including financial services, energy, construction, professional services, education, hospitality and technology.
“As the British Chamber of Commerce Qatar continues to grow its membership and business network, we welcome initiatives that support increased market access, stronger commercial partnerships and greater confidence for businesses looking to trade and invest between the UK and the GCC.”
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