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Free Trade Agreement with the Gulf Cooperation Council (GCC): Update on Continuous Negotiations
18 December 2024
Type
Written Ministerial Statement
Department
Department for Business and Trade
At a Glance
Issue Summary
The statement provides an update on the UK's ongoing negotiations for a Free Trade Agreement (FTA) with the Gulf Cooperation Council (GCC).
Action Requested
No specific future action is proposed, but the minister updates Parliament on the progress made since September, highlighting productive discussions and constructive momentum.
Key Facts
- Negotiations resumed on 24 September.
- A GCC delegation visited London in the week of 21 October.
- A UK delegation visited Riyadh in the week of 11 November.
- Talks continued to be constructive throughout autumn.
- Bilateral trade could increase by 16%, potentially adding an extra £8.6 billion a year.
- Current trade value between the UK and GCC is £57.4 billion.
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Assessment & feedback
Summary accuracy