UK becomes first G7 nation to secure $5bn GCC trade deal

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.

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