Gulf Cooperation Council
United Kingdom
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| Type | Free trade agreement |
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| Context | Trade agreement between Gulf Cooperation Council and the United Kingdom |
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The Gulf Cooperation Council–United Kingdom free trade agreement (GCCUKFTA) is a proposed free trade agreement which began negotiations in June 2022.[1] When completed it will be the first free trade agreement between the United Kingdom and the Gulf Cooperation Council, or any of its member states: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.
Following the 2016 Brexit referendum, in which the UK voted to leave the European Union, the Gulf states began pressing the UK Government for a post-Brexit Trade agreement.[2]
British trade with the GCC was worth about 45 billion pounds ($61 billion) in 2019, 7% of the size of Britain's commerce with the European Union in 2019. Talks for a trade deal intensified in late 2021, just after the Premier League approved Saudi Arabia's sovereign wealth fund's takeoverofNewcastle United from billionaire Mike Ashley[3]
Minister of Industry, Commerce and Tourism for Bahrain, Zayed Al Zayani hoped that the two sides could complete negotiations by the "end of this year or the middle of next year," in January 2022.[4]
In June 2021, International trade secretary Anne-Marie Trevelyan stated that the agreement would target a £1.6bn annual boost to the UK economy, and that the agreement would be a comprehensive FTA that will cover manufactured goods and agricultural producetofinancial and digital services.[5]
| Round | Dates | Location | Ref. |
|---|---|---|---|
| 1 | 22 August–29 September 2022 | Virtual meeting | [6] |
| 2 | 5–9 December 2022 | London | [7] |
| 3 | 12–16 March 2023 | Riyadh | [8] |
| 4 | 17–28 July 2023 | London | [9] |
| 5 | 5–16 November 2023 | Riyadh | [10] |
| 6 | 29 January–9 February 2024 | London | [11] |
The UK Government confirmed that the first round of negotiations had been conducted from 22 August and 29 September 2022.[6]
On 4 July 2023, Bahrain announced plans to invest £1 billion in the UK as a preliminary move to strengthen ties related to financial services as part of the potential new trade deal.[12]
Following difficulties in securing the India–United Kingdom Free Trade Agreement, some British trade officials are increasingly pessimistic about the India deal and view a free trade agreement with the Gulf Cooperation Council as a more realistic deal which can be struck prior to the next election.[13]
On 14 May 2024, Saudi Arabia and the United Kingdom hosted a joint investment summit with more than 450 British business attendees, including representatives from HSBC and British Airways.[14][15]
Chair of the All-Party Parliamentary Group on Democracy and Human Rights in the Gulf, Brendan O'Hara MP criticized the absence of human rights talks.[16] Trade talks avoided discussions of events such as the murder of critical Saudi journalist Jamal Khashoggi, and the UAE's detention of British academic Matthew Hedges for alleged spying.[5]
Bahrain portal
Kuwait portal
Oman portal
Saudi Arabia portal
United Arab Emirates portal
United Kingdom portal
Politics portal
Media related to Relations of the Gulf Cooperation Council and the United Kingdom at Wikimedia Commons
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