UK Announces Trade Deal Talks With Gulf Cooperation Council
The U.K. announced the start of free trade agreement negotiations with the Gulf Cooperation Council. Trade with the six GCC countries -- Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates -- totals over $40.7 billion. The Gulf nations' oil and gas reserves won't be part of any trade deal, though manufacturing and the supply chain for that key sector will be an element of the talks, Reuters reported June 22.
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"Our current trading relationship was worth £33.1 billion in the last year alone," U.K. Trade Secretary Anne-Marie Trevelyan said. "From our fantastic British food and drink to our outstanding financial services, I’m excited to open up new markets for UK businesses large and small, and supporting the more than ten thousand [small and medium-sized enterprises] SMEs already exporting to the region. This trade deal has the potential to support jobs from Dover to Doha, growing our economy at home, building vital green industries and supplying innovative services to the Gulf."
Certain charities raised concerns over the deal, expressing worry that any agreement would drop requirements on human rights or gender equality, Reuters reported. "In Gulf countries, women face deep-rooted discrimination, while draconian curbs on free speech and bans on trade unions are common," said Allan Hogarth, Amnesty International U.K.’s head of policy and government affairs.
The U.K. in its announcement said a trade agreement could bring potential tariff cuts on cereals, chocolate, baking products, sweet biscuits and smoked salmon. A trade deal could also bring a greater relationship with the Gulf on technology, cyber, life sciences, education, artificial intelligence, financial services and renewable energy, the U.K. said.