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UK & GCC move closer to FTA in latest negotiation round

20 Feb '24
2 min read
Pic: Adobe Stock
Pic: Adobe Stock

Insights

  • The UK and GCC concluded the sixth round of FTA negotiations in London, making substantial progress across most chapters and 21 policy areas.
  • Both sides aim for an ambitious deal, reflecting the £59 billion trade value.
  • The UK government committed to high standards and public interest regulation, with the next negotiation round anticipated soon.
The sixth round of negotiations for a free trade agreement (FTA) between the UK and the Gulf Cooperation Council (GCC) concluded recently, marking a significant step towards strengthening economic ties between the two regions. The discussions took place in London, adopting a hybrid format to accommodate both in-person and virtual participation from GCC negotiators.

During this latest round, substantial progress was made on the draft treaty text, covering the majority of chapters. The negotiations spanned over 30 sessions, addressing 21 policy areas, indicating both parties' dedication to forging an ambitious, comprehensive, and modern agreement suitable for the 21st century. This commitment underscores the mutual interest in facilitating a robust economic partnership, the UK government said in a press release.

The talks reflect a promising advancement in the UK-GCC relationship, with both sides expressing a steadfast commitment to concluding a deal that promises significant economic benefits. The potential agreement comes at a crucial time, with total trade between the UK and GCC valued at £59 billion.

The UK government has emphasised its resolve to ensure that any forthcoming agreement will align with the best interests of the British people and the UK economy. Authorities have assured that the UK's high environmental standards will remain uncompromised, alongside maintaining the right to regulate in the public interest. As anticipation grows, the next round of negotiations is expected to be scheduled shortly.

ALCHEMPro News Desk (DP)

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