London: Secretary General of the Gulf Cooperation Council (GCC), Jasem Mohamed Albudaiwi, and the UK's Minister of State for Trade at the Department for Business and Trade, Chris Bryant, have signed a Joint Statement in London, marking the conclusion of negotiations for a Free Trade Agreement (FTA) between the GCC and the United Kingdom.
According to Qatar News Agency, this agreement signifies a critical advancement in the economic relationship between the GCC and the UK. Albudaiwi emphasized that the signing of the Joint Statement is a significant step that will strengthen the economic ties of both regions for future generations. He highlighted that this milestone was achieved through years of dedicated efforts, political will, and a shared belief in the importance of economic integration.
Albudaiwi elaborated on the details of the agreement, which includes a framework aimed at delivering economic benefits that are tangible, sustainable, and measurable for businesses, investors, and citizens in all seven economies involved. The GCC-UK FTA is described as a comprehensive and modern trade accord, covering areas such as trade in goods and services, financial services, digital trade, investment protection, government procurement, telecommunications, and the movement of natural persons.
Furthermore, Albudaiwi expressed appreciation for the contributions of the ministers, chief negotiators, and technical teams from the six GCC member states, as well as the UK Minister of State for Trade and his team, whose collaborative efforts were crucial in bringing the agreement to fruition. He also acknowledged the GCC General Secretariat's team of negotiators and legal advisors for their dedication throughout the negotiation process, which reflects the Secretariat's commitment to advancing joint Gulf initiatives.