UK and Gulf Cooperation Council sign multibillion-dollar trade deal

[71392] UK and Gulf Cooperation Council sign multibillion-dollar trade deal

London has signed a historic free trade agreement with Persian Gulf countries, a step aimed at strengthening the British economy and sending a message of regional stability following the war with Iran.

UK and Gulf Cooperation Council sign multibillion-dollar trade deal

In a significant step to strengthen economic ties, the UK has announced the signing of a new trade agreement with the countries of the Gulf Cooperation Council (GCC), which includes Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Oman, and Bahrain. According to Vahid Online, the agreement is expected to add approximately £3.7 billion ($5 billion) annually to the British economy in the long term.

London described the agreement as a "message of stability and security" to the markets, against the backdrop of regional tensions remaining in the wake of the war with the Islamic Republic of Iran. According to Afghanistan International, this agreement significantly deepens London's relations with its allies in the region.

Agreement details:

• Elimination of tariffs: Approximately 93% of tariffs on British goods, including food, vehicles, aviation industries, and electronic equipment, will be eliminated for exports to Gulf countries.


• Reciprocity: The UK will also reduce certain tariffs, although Vahid Online notes that imports of oil and gas from these countries were already exempt from tariffs before the agreement.

Despite praise from the business sector, the agreement has sparked criticism from human rights activists. Critics attack the fact that the agreement does not include binding clauses regarding human rights, and according to Vahid Online, some have described the move as a "moral retreat deal."