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Britain's business minister will travel to Qatar, Saudi Arabia and the United Arab Emirates this week to negotiate a trade deal between the United Kingdom and the Gulf Cooperation Council, the economic union comprising the aforementioned Middle Eastern countries along with Bahrain, Kuwait and Oman.
Kemi Badenoch will meet her counterparts in each country on a five-day trip to make progress on a trade pact. She will also meet the newly-appointed Secretary General of the GCC Jasem Al-Budaiwi. Badenoch, a Conservative ex-banker who unsuccessfully ran for prime minister last year, will also meet investors and business leaders during the Middle East visit.
Ahead of the trip, Badenoch said the United Kingdom had strong trade and investment relations with Gulf countries but she was “determined” to strengthen trade ties between her country and the GCC further.
“The GCC represents an enormous opportunity for UK firms, whether it’s selling brilliant British food and drink products into new markets or offering new consumers for our flourishing digital trade and renewable energy sectors,” Badenoch said in a statement.
“I know my counterparts are as ambitious for this deal as I am, and I’m ready to match their ambition," she added.
Al-Monitor has contacted the UK Department of Business and Trade for further comment.
Background: Since the United Kingdom left the European Union in January 2021, the country has been aggressively pursuing new trade deals with other countries to boost its economy.
Last year, Britain began negotiations for a free trade deal with the GCC and this trip will mark the third round of talks. A fourth round is expected to take place later in 2023.
Why it matters: The GCC is the United Kingdom's seventh largest export market and demand for British goods and services is expected to soar to almost £1 trillion ($1.25 trillion) by 2035 — a more than 75% increase.
A trade deal between the United Kingdom and the six-nation bloc could increase trade by at least 16% and add at least £1.6 billion ($2 billion) a year to the British economy, analysis by the UK government shows.
Know more: In February, the mayor of London told Arab News that the British capital can offer Gulf states the expertise they are looking for as they diversify their economies away from hydrocarbons and make their net zero pledges ahead of COP28 in the UAE in November.
