RIYADH: The UK has become the first G7 nation to secure a trade agreement with the Gulf Cooperation Council, in a deal projected to add £3.7 billion ($5 billion) annually to the British economy.
According to a UK government statement, the agreement with the six-member GCC bloc is also expected to generate £1.9 billion in real wage gains.
At the core of the deal is a broad reduction in tariffs. Around £580 million in duties on UK goods exported to the Gulf will eventually be eliminated, including £360 million that will be removed immediately once the agreement comes into force.
UK Prime Minister Keir Starmer hailed the agreement as “a huge win for British business,” noting it marks the government’s fifth major trade deal since taking office, following agreements with India, the US, the EU and South Korea.
“The Gulf states are valued economic partners and this agreement deepens that relationship, building trust and unlocking new possibilities for trade and investment,” he added.
