UK, GCC sign $5bn trade deal

The United Kingdom has secured a trade deal with the Gulf Cooperation Council (GCC), comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. This agreement is projected to be worth $5 billion annually in the long term, more than doubling previous estimates. The deal will remove 93% of GCC tariffs on British goods, equivalent to £580 million in duties, with two-thirds removed immediately. Key sectors like autos, aerospace, electronics, and food and drink are expected to benefit. In return, the United Kingdom has lowered tariffs for GCC exports, though oil and gas were already tariff-free. The deal also locks in current access for UK services to GCC markets and includes an investor protection chapter. The agreement comes amidst regional instability due to the Iran war, with the United Kingdom's Trade Minister Peter Kyle stating it sends a clear signal of confidence. While the deal does not alter British environmental or data protection standards, it notably omits language on human rights, drawing criticism from campaigners like Tom Wills of the Trade Justice Movement. GCC Secretary-General Jassim Al-Budaiwi highlighted the agreement's framework for tangible economic benefits across goods, services, financial services, and digital trade.