UK-GCC FREE TRADE NEGOTIATIONS CONCLUDED

The UK-GCC Free Trade Agreement negotiations were concluded in London on May 20th.

This groundbreaking agreement will add as much as £3.7bn per year to the UK economy. Once the Agreement is fully implemented, it will remove up to £580m per year in tariffs on UK goods exports to the UAE. Goods ranging from chocolate and butter to medical devices and luxury cars will see tariffs removed completely.

The deal will help to accelerate investment flows in both directions, particularly in infrastructure, technology, and clean energy.

The UAE is an economy rich in innovation, technology, and creativity. The economy is diversifying and investing heavily in AI, data centres, and other emerging industries. UK and UAE companies will now be able to leverage the competitive advantage the FTA offers to secure new, substantive, and enduring investment opportunities in each other’s markets.

This FTA breaks the mould of traditional free trade agreements. It includes commitments in areas such as data flows, for example, and is designed to accelerate investment flows in both directions. It will position the UK as a preferred trading partner for one of the fastest-growing regions in the world.

As HE Mansoor Abulhoul, the UAE’s Ambassador to the UK, said yesterday: “This is a pivotal inflection moment for global trade. Now is the time to double down on the vital UAE-UK partnership which, through £25bn of trade, supports thousands of jobs.”

For a list of the main benefits of the UK-GCC Free Trade Agreement, click here: https://www.gov.uk/government/news/top-benefits-of-the-uk-gulf-cooperation-council-gcc-fta