Minister for Trade (): Growth is the number
one mission of this government. Central to growing our economy
and ensuring working people in every community feel the benefits
of that growth, is an expansion of Free Trade Agreements (FTAs)
with strategic partners.
The Secretary of State for Business and Trade announced the
government's intention to deliver the UK's FTA negotiations
programme in July. Negotiations with the GCC resumed on 24
September. Since then, the UK has held ongoing virtual and in
person negotiations. This included a GCC delegation visiting
London during the week of 21 October and a UK delegation visiting
Riyadh during the week of 11 November.
To progress negotiations, I had productive discussions with
counterparts in Saudia Arabia whilst attending the 2024 Future
Investment Initiative in Riyadh. This was ahead of the Secretary
of State for Business and Trade's visit to Qatar later in the
week to attend the GCC Trade Ministers' meeting on 31 October.
This event provided a good opportunity to discuss key issues with
ministers from all member states and the shared ambition to move
negotiations forward at pace.
Talks throughout the autumn have continued to be constructive,
with good momentum from the GCC, which has enabled further treaty
text to be agreed. The focus from both sides is on achieving a
modern and commercially meaningful agreement.
A mutually beneficial FTA between the UK and the GCC will deliver
economic growth, higher wages and new investment. A deal will
deliver targeted growth that could increase bilateral trade by
16%, potentially adding an extra £8.6 billion a year to trade
between the UK and GCC countries in the long run. This £8.6bn is
on top of the £57.4bn worth of trade that we already have.
The negotiation is progressing at pace and good progress is being
made in the following areas:
Services, Investment and Digital
Detailed technical discussions have been held across these areas,
narrowing down outstanding issues in the text and setting out
expectations for market access schedules. Constructive
discussions have been had around mobility to better support the
movement of businesspersons between the UK and the GCC.
Investment remains a key area of interest for both sides,
recognising the levels of inward and outward investment between
the UK and GCC countries. A digital chapter, alongside provisions
relating to innovation, reflect the shared ambition for a
future-facing deal, that can respond to the changes that
technology will continue to bring to the global economy.
Goods
The aim of negotiators' discussions on goods market access is
achieving commercially meaningful outcomes. This is an important
area for both sides, and we continue to press for further
progress on key UK interests and look forward to building on
these discussions in the coming weeks. We also made good progress
in technical discussions on Rules of Origin and Trade Remedies
and are working constructively with the GCC to narrow down
outstanding issues in the text.
Other areas of note
Negotiators continued to have constructive discussions on areas
of sustainable trade, including Environment and Labour, as well
as making further progress through negotiations on disputes and
transparency.
I value the important role that Parliament plays in the scrutiny
of the government's ambitious trade agenda. We will continue to
ensure that Parliament is appropriately updated whilst also
ensuring we protect our negotiating position.
