LONDON: British Minister of State for Trade Chris Bryant has described the free trade agreement between the UK and the Gulf Cooperation Council as a “landmark” deal, not only because of its economic value, but because it marks the first agreement of its kind between the GCC and a G7 country.
In an interview with Asharq Al-Awsat, Bryant said the agreement could enter into force “in maybe a year, 14 months maybe at most” after signature. London, he said, hopes to sign the agreement in September or October, once the legal review of the text has been completed.
Bryant said the deal would generate “around £3.7 billion ($4.88 billion)” in additional trade for the UK economy, with “similar numbers for the Gulf.” He added that the agreement carried symbolic importance at a sensitive regional moment, following the war with Iran and the “completely appalling attacks from Iran” on Gulf allies.
The minister also praised the scope of the agreement, saying it went beyond cutting tariffs to cover services, the digital economy, artificial intelligence and measures to make it easier for companies on both sides to do business.
Signature expected in the autumn
