UK and Gulf Cooperation Council Make Progress on Trade Agreement
Prime Minister Starmer emphasizes economic partnership in discussions with Saudi Crown Prince.
UK Prime Minister Keir Starmer has announced "good progress" in negotiations for a trade deal between the United Kingdom and the Gulf Cooperation Council (GCC) following a recent conversation with Saudi Crown Prince Mohammed bin Salman.
The call took place on Wednesday, where the leaders engaged in discussions centered around tariffs and the potential for a more robust economic partnership, according to statements from Downing Street.
During the dialogue, the Prime Minister reaffirmed his commitment to fostering international cooperation to uphold global economic stability and confirmed the UK's intention to pursue a steady approach in trade negotiations.
Both leaders emphasized the importance of strengthening economic alliances to provide stability for businesses and concurred on advancing discussions regarding the UK-GCC free trade agreement.
A report from the Saudi Press Agency detailed that the two leaders reviewed their bilateral relations, identifying areas for collaboration and discussing various topics of mutual interest.
Since the Labour government took office following last year's general election, there has been a renewed push to revive talks for a free trade agreement with the GCC.
Negotiations that resumed in September have included both virtual and physical meetings, with a GCC delegation having visited London in October and a UK delegation set to visit Riyadh in November.
Trade Minister Douglas Alexander stated in December that both parties are focusing on achieving a "modern and commercially meaningful agreement".
The UK’s Economic Secretary to the Treasury, Emma Reynolds, indicated that the UK aims to strengthen its trade and investment relationship with the United Arab Emirates (UAE).
She mentioned plans for increased dual listings on the London Stock Exchange to enhance financial sector ties.
Reynolds characterized the free trade agreement with the GCC as "in development" and underscored the necessity for a more detailed partnership, particularly with the UAE, citing the historical connection between the two nations.
She referenced a memorandum of understanding on financial services signed in October 2023 and discussed potential follow-up actions, such as dual listings and collaborations in sectors like open banking, FinTech, and sustainable finance.
As part of these developments, UK tourism from the UAE and other Gulf nations is projected to surge, with an estimated expenditure of £3.5 billion ($455.7 billion) expected this year.
Research from VisitBritain forecasts that 548,000 visitors from the UAE will travel to the UK in 2025, representing a 10 percent increase from prior estimates.
Spending from UAE tourists in the UK is also anticipated to rise by 22 percent to £1.1 billion this year, as reported by Oxford Economics.
The overall number of tourists from GCC countries is estimated to reach 1.4 million, reflecting an eight percent increase compared to earlier projections for 2024.
The call took place on Wednesday, where the leaders engaged in discussions centered around tariffs and the potential for a more robust economic partnership, according to statements from Downing Street.
During the dialogue, the Prime Minister reaffirmed his commitment to fostering international cooperation to uphold global economic stability and confirmed the UK's intention to pursue a steady approach in trade negotiations.
Both leaders emphasized the importance of strengthening economic alliances to provide stability for businesses and concurred on advancing discussions regarding the UK-GCC free trade agreement.
A report from the Saudi Press Agency detailed that the two leaders reviewed their bilateral relations, identifying areas for collaboration and discussing various topics of mutual interest.
Since the Labour government took office following last year's general election, there has been a renewed push to revive talks for a free trade agreement with the GCC.
Negotiations that resumed in September have included both virtual and physical meetings, with a GCC delegation having visited London in October and a UK delegation set to visit Riyadh in November.
Trade Minister Douglas Alexander stated in December that both parties are focusing on achieving a "modern and commercially meaningful agreement".
The UK’s Economic Secretary to the Treasury, Emma Reynolds, indicated that the UK aims to strengthen its trade and investment relationship with the United Arab Emirates (UAE).
She mentioned plans for increased dual listings on the London Stock Exchange to enhance financial sector ties.
Reynolds characterized the free trade agreement with the GCC as "in development" and underscored the necessity for a more detailed partnership, particularly with the UAE, citing the historical connection between the two nations.
She referenced a memorandum of understanding on financial services signed in October 2023 and discussed potential follow-up actions, such as dual listings and collaborations in sectors like open banking, FinTech, and sustainable finance.
As part of these developments, UK tourism from the UAE and other Gulf nations is projected to surge, with an estimated expenditure of £3.5 billion ($455.7 billion) expected this year.
Research from VisitBritain forecasts that 548,000 visitors from the UAE will travel to the UK in 2025, representing a 10 percent increase from prior estimates.
Spending from UAE tourists in the UK is also anticipated to rise by 22 percent to £1.1 billion this year, as reported by Oxford Economics.
The overall number of tourists from GCC countries is estimated to reach 1.4 million, reflecting an eight percent increase compared to earlier projections for 2024.
Translation:
Translated by AI
