Another is on the way! The United Kingdom is negotiating a multibillion-dollar trade agreement with SIX countries.
TALKS ON A SIX-COUNTRY TRADE DEAL HAVE BEGUN IN THE UK, as officials strive to bolster Brexit Britain’s position on the global stage with a crucial summit.
The Gulf Cooperation Council (GCC), which includes Saudi Arabia, the United Arab Emirates, Qatar, Bahrain, Kuwait, and Oman, already has strong economic ties with the United Kingdom.
Ministers have now begun preliminary talks to reach an agreement on a free trade agreement that might be worth billions of dollars.
According to this website, commerce between the UK and Gulf countries exceeded £30 billion in 2020, with the agreement being a primary goal for Britain’s global trade agenda.
The agreement is likely to lower tariffs on a number of critical imports and exports, including automobiles and crude oil.
“It brings me great joy and pleasure to officially announce the official commencement of FTA discussions between GCC countries and the United Kingdom,” Bahrain’s minister of industry, trade, and tourism, Zayed bin Rashid al-Zayani, stated.
Mr. Al-Zayani described the agreement as a “effort on which we have worked relentlessly since Bahrain assumed the GCC leadership at the beginning of this year.”
He said, ” “We will begin a new chapter together, one that will reinforce our long-standing trade and investment partnership and expand on the strong foundations laid down over millennia.”
“A trade agreement with the Gulf Cooperation Council is a significant chance to liberalize trade with a developing market for British business and expand ties with a region that is essential to our strategic interests,” said International Trade Secretary Anne-Marie Trevelyan.
“We want a contemporary, comprehensive deal that removes trade barriers in a big food and drink market, as well as in areas like digital trade and renewable energy, resulting in well-paid jobs across the UK.”
Ministers from the UK government have initiated a “14-week consultation” to hear from the public and businesses before full negotiations begin in 2022.
It comes as the Prime Minister prepares to attend the UK’s Global Investment Summit on October 19, where he will be joined by global business leaders and industry titans.
Sarah Gilbert, Said Professor of Vaccinology at Oxford University, and Dame Emma Walmsley, CEO of GlaxoSmithKline, will speak at the Summit about the UK’s leading role in life sciences, particularly the successful vaccine roll-out.
The Prime Minister also intends to utilize the summit to promote his plan to raise the country’s standard of living. “Brinkwire News Summary.”