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British Official on Gulf Free Trade Since Brexit
The United Kingdom and Gulf Cooperation Council countries have reached a free trade agreement, the largest since Britain’s departure from the European Union, aimed at boosting trade and investment between the two sides. The agreement focuses on reducing tariffs and simplifying procedures to increase bilateral trade volume to £30 billion by 2030, with expectations of a nearly 20% rise after the agreement takes effect. In addition to trade, cooperation is being intensified in areas such as investment and financial services, where mutual investments currently exceed £360 million, with funding reaching up to $6.8 billion to support Saudi and British projects. This agreement is expected to strengthen economic ties, promote long-term exchanges and investments, and contribute to economic growth while supporting the goals of Saudi Vision 2030.
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