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
Saudi Arabia's air defences destroyed a Houthi drone south of Mecca before it entered prohibited airspace over the holy city, a spokesperson for the Saudi-led military coalition in Yemen said on Wednesday, as fighting spreads in the Middle East.
Saudi Arabia has cut oil shipments to Europe after drone attacks damaged its key export pipeline to the Red Sea, trade sources told Reuters, prompting top customers such as Poland to rush to seek alternatives as cargo prices topped $120 a barrel.
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