RIYADH: The UK-Gulf Cooperation Council free trade deal is set to be worth far more than the anticipated $5 billion boost to Britain’s economy, Arab News has been told, as the two economies become increasingly interlinked. The deal, signed on May 20, is the first such agreement between a G7 nation and the GCC, and is seen as a structural bet on Gulf economic transformation and a precedent-setter for how the bloc will engage with major economies for decades to come.

The U.K. is the first G7 country to secure a trade agreement with the GCC.

The UK has become the first G7 country to strike a free trade deal with the bloc of six Gulf states