Britain's new trade ministers visited the Gulf region on Monday in a first joint visit for talks on a possible trade deal, the government said.
Jonathan Reynolds © Gov.uk
Britain's new trade ministers visited the Gulf region on Monday in a first joint visit for talks on a possible trade deal, the government said.
Trade secretary Jonathan Reynolds and minister for trade policy Douglas Alexander will meet their counterparts from the Gulf Cooperation Council, which comprises Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
Trade has been a weak point in Britain's economy in recent years - with business groups pointing to Brexit as one cause.
The government, elected after a landslide win for Prime Minister Keir Starmer's Labour Party in July, is also targeting trade deals with India, Switzerland and South Korea as part of its plan to boost economic growth.
"I want to see a high-quality trade deal that supports jobs, helps UK companies sell their products to the region and increases choice for consumers - so it's great to be here to discuss exactly that," Reynolds said in a statement.
Britain's Business and Trade Department estimates a free trade deal with the Gulf Cooperation Council could boost the UK economy by 1.6 billion pounds ($2.10 billion) over the long run.
Out of the Group of Seven advanced economies, Britain ranks bottom for growth in goods and services exports since 2019, even when accounting for the country's large precious metals trade, according to national accounts data.
Reporting by Andy Bruce
The United States' top diplomat sought backing from sceptical Gulf allies on Wednesday for President Donald Trump's deal with Iran to end their war, while in another challenge to the accord, Israel insisted it would keep troops in southern Lebanon.
U.S. Secretary of State Marco Rubio begins a Middle East tour in earnest on Wednesday, seeking to reassure Gulf allies who view concessions in President Donald Trump’s Iran deal that include a proposed $300 billion fund as too generous to a regional foe.
Oman and Iran agreed on Tuesday to press on with discussions about the future administration of navigation in the Strait of Hormuz, including maritime services in the strategic waterway and the costs associated with them.
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