Britain will begin talks on a new free trade agreement with six Gulf countries, the Commerce Department has announced, as part of the latest round of talks aimed at boosting non-EU trade relations after Brexit.
Trade Minister Anne-Marie Trevelyan will visit Riyadh to begin talks with the Gulf Cooperation Council (GCC), which includes Bahrain, Kuwait, Oman, Qatar, the United Arab Emirates (UAE) and as well as Saudi Arabia.
“I am excited about the opening of new markets for large and small companies in the United Kingdom, supporting more than 10,000 small and medium-sized enterprises already exporting to the area,” Trevelian said in a statement.
This is the fourth round of talks on a Free Trade Agreement (FTA) launched by Britain this year, following talks with India, Canada and Mexico, as London seeks to replace the transitional agreements it concluded before leaving. from the EU trade context, with new agreements for the post-Brexit era.
Britain said an agreement with the GCC could reduce or eliminate tariffs on British food and beverage exports to the region. These exports reached 25 625 million (€ 727.83 million) last year for the benefit of financial services as well.
Although the significant Gulf oil and gas reserves will not be included in any agreement, the industrial equipment and supply chain for the sector in question will be traded.
The British Ministry of Commerce announced that the talks could help the Gulf countries create more options for trade and economic cooperation in other sectors, as part of their efforts to break free from oil, while seeking the abolition of tariffs on technological equipment. such as accessories for British wind turbines.
Source: AMPE
Source: Capital
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