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Gulf Cooperation Council–United Kingdom Free Trade Agreement

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Gulf Cooperation Council–United Kingdom Free Trade Agreement
  Gulf Cooperation Council
  United Kingdom
TypeFree trade agreement
ContextTrade agreement between Gulf Cooperation Council and the United Kingdom
Negotiators
Parties
Languages

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.

Background

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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 takeover of Newcastle 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 produce to financial and digital services.[5]

Negotiations

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GCCUKFTA Round of Negotiations
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]

Controversy

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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]

See also

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References

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  1. ^ Smout, Alistair (22 June 2023). "Britain launches free trade talks with Gulf countries". Reuters. Archived from the original on 22 June 2022. Retrieved 29 December 2023.
  2. ^ Finn, Tom (26 March 2017). "Gulf Arab states push for UK free trade deal after Brexit - officials". Reuters. Archived from the original on 14 May 2024. Retrieved 29 December 2023.
  3. ^ Mayes, Joe (7 October 2021). "U.K. Starts Trade Deal Process With Saudi Arabia, Gulf". Bloomberg. Archived from the original on 14 May 2024. Retrieved 29 December 2023.
  4. ^ Cranny, Manus; Martin, Matthew; Gamal El-Din, Yousef (27 January 2022). "UK, Gulf May Sign Post-Brexit Trade Deal This Year, Bahrain Says". Bloomberg. Archived from the original on 27 January 2022. Retrieved 29 December 2023.
  5. ^ a b Kerr, Simeone (21 June 2022). "UK seeks Gulf trade boost as talks start to secure deal". Financial Times. Archived from the original on 22 June 2022. Retrieved 29 December 2023.
  6. ^ a b "Gulf Cooperation Council trade negotiations update". GOV.UK. 12 October 2022. Archived from the original on 12 October 2022. Retrieved 29 December 2023.
  7. ^ "UK - Gulf Cooperation Council trade negotiations update: December 2022". GOV.UK. 20 December 2022. Archived from the original on 20 December 2022. Retrieved 21 April 2024.
  8. ^ "Trade Update: UK-Gulf Cooperation Council FTA". GOV.UK. 22 March 2023. Archived from the original on 22 March 2023. Retrieved 21 April 2024.
  9. ^ "Trade Update: UK-Gulf Cooperation Council FTA". GOV.UK. 1 August 2023. Archived from the original on 1 August 2023. Retrieved 21 April 2024.
  10. ^ "Trade Update: UK-Gulf Cooperation Council FTA". GOV.UK. 22 November 2023. Archived from the original on 22 November 2023. Retrieved 21 April 2024.
  11. ^ "Trade Update: UK-Gulf Cooperation Council FTA negotiations". GOV.UK. 19 February 2024. Archived from the original on 19 February 2024. Retrieved 21 April 2024.
  12. ^ Nair, Adveith; Rees, Tom (4 July 2023). "Bahrain Set to Invest £1 Billion in UK After Crown Prince Visits". Bloomberg. Archived from the original on 20 March 2024. Retrieved 14 May 2024.
  13. ^ Courea, Eleni (5 March 2024). "UK negotiators fly to India in last-ditch effort to seal free-trade deal". The Guardian. Archived from the original on 5 March 2024. Retrieved 5 March 2024.
  14. ^ Mayes, Joe (14 May 2024). "UK Seeks Stronger Saudi Ties With 450-Strong Business Delegation". Bloomberg. Archived from the original on 14 May 2024. Retrieved 14 May 2024.
  15. ^ "UK seeks closer Saudi ties with 450-strong delegation". The Business Times. 14 May 2024. Archived from the original on 14 May 2024. Retrieved 14 May 2024.
  16. ^ Dudley, Dominic (14 October 2022). "UK Starts Free Trade Talks With Gulf States, But Human Rights Seem Off The Menu". Forbes. Archived from the original on 14 October 2022. Retrieved 22 November 2023.
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