UAE, 16 September, 2024 : Britain's new trade ministers, Jonathan Reynolds and Douglas Alexander, began a joint visit to the Gulf region on Monday to negotiate a potential trade deal with the Gulf Cooperation Council (GCC), which includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE.
The visit is part of the UK government’s broader strategy to enhance trade relations, particularly following the economic challenges exacerbated by Brexit. The new Labour government, led by Prime Minister Keir Starmer, is also pursuing trade deals with India, Switzerland, and South Korea to stimulate economic growth.
Reynolds expressed a desire for a high-quality trade deal that supports jobs, aids UK exports, and provides more choices for consumers. The UK Business and Trade Department estimates that a free trade agreement with the GCC could boost the UK economy by £1.6 billion ($2.10 billion) in the long term.
Britain currently lags behind other G7 nations in export growth, even with its significant precious metals trade.
Source : www.zawya.com
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