Trade Update: UK-Gulf Cooperation Council FTA

The third round of negotiations for a free trade agreement (FTA) between the UK and the Gulf Cooperation Council (GCC) took place between 12 and 16 March.

The round was hosted by GCC in Riyadh and held in a hybrid fashion. A number of UK negotiators from across the Government travelled to Riyadh for in-person discussions and others attended virtually.

Draft treaty text was advanced across the majority of chapters. Technical discussions were held across 13 policy areas over 30 sessions. Good progress was made and both sides remain committed to securing an ambitious, comprehensive and modern agreement fit for the 21st century.

An FTA will be a substantial economic opportunity and a significant moment in the UK-GCC relationship. Government analysis shows that, in the long run, a deal with the GCC is expected to increase trade by at least 16%, add at least £1.6 billion a year to the UK economy and contribute an additional £600 million or more to UK.

The fourth round of negotiations is expected to be hosted by the UK later this year.

His Majesty’s Government remains clear that any deal we sign will be in the best interests of the British people and the United Kingdom economy.