<\/p>\n
Jasem Mohamed Albudaiwi, Secretary General of the GCC and Sir Keir Starmer (pic: Downing St)<\/p>\n
The UK has become the first G7 country to secure a trade deal with the Gulf Cooperation Council (GCC) which could boost trade and grow the economy by \u00a33.7 billion a year.<\/p>\n
The agreement with Bahrain, Kuwait, Oman, Qatar, Saudi\u00a0Arabia\u00a0and UAE will see\u00a0the removal\u00a0of\u00a0millions of pounds of tariffs on goods, benefiting Scotland alone by an estimated \u00a3580m, based on current UK exports to the GCC. <\/p>\n
About \u00a3360m worth of this will be removed on day one of the agreement entering into force.<\/p>\n
Today\u2019s agreement is fifth by the Labour government and follows major deals with India, the US, the\u00a0EU\u00a0and South Korea.\u00a0\u00a0For the first time in a trade\u202fdeal, the GCC has agreed to\u202fcommitments on the\u202ffree flow of data,\u202fmeaning UK firms\u00a0won\u2019t\u00a0have to\u00a0establish\u00a0costly data\u00a0centres in the Gulf. <\/p>\n
Scottish Secretary Douglas Alexander said:\u00a0\u201cFrom our iconic Scottish products, like smoked salmon and shortbread, to green energy, advanced manufacturing, life sciences, and financial services, Scotland has so much to offer the Gulf states, thanks to the removal of tariffs.\u201d\u00a0<\/p>\n
Business and Trade Secretary Peter Kyle said:\u00a0\u201cFor this Government to meet the challenges that our country faces, incremental change\u00a0won\u2019t\u00a0cut it.\u00a0<\/p>\n
\u201cThat\u2019s\u00a0why major trade deals like this one, and that we secured with India, the US, South Korea and the EU, are vital for moving the dial towards long-term, sustainable economic growth with benefits people and businesses can see and feel.\u00a0<\/p>\n
\u201cAt a time of increased instability, today\u2019s announcement sends a clear signal of confidence.\u201d<\/p>\n
Scotland\u2019s food exports to the GCC were worth over \u00a329m in 2024. Salmon Scotland, CEO\u00a0Tavish Scott said:\u00a0\u201cWe welcome the work and ambition across the UK Government and the GCC economic alliance to make this agreement and we look forward to its ratification and entry into force.\u201d\u00a0<\/p>\n
See also<\/p>\n
Interview: Denise McGinty, CEO, Dubai Family Office<\/p>\n
\t #seals #3.7bn #trade #deal #Gulf #states #Daily #Business<\/p>\n","protected":false},"excerpt":{"rendered":"
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