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
President Donald Trump said on Monday he plans to approve the sale of U.S.-made F-35 fighter jets to Saudi Arabia, speaking a day before he hosts Saudi Crown Prince Mohammed bin Salman for a day of diplomacy.
The Abu Dhabi Investment Authority (ADIA) is set to sell 160.5 million shares in Qatari telecom giant Ooredoo, roughly half of its current holding, in a landmark secondary share offering valued between QAR 1.99 billion and QAR 2.09 billion ($546–$572 million).
Dubai-based Emirates Airline has placed a major order for 65 additional Boeing 777-9 aircraft, strengthening its position as the world’s largest operator of wide-body jets.
To make this website run properly and to improve your experience, we use cookies. For more detailed information, please check our Cookie Policy.
Necessary cookies enable core functionality. The website cannot function properly without these cookies, and can only be disabled by changing your browser preferences.