The UK hopes to start negotiations for a free trade agreement with the GCC in the coming months to boost bilateral trade.
Simon Penney Her Majesty’s Trade Commissioner for the Middle East and Her Majesty’s Consul-General in Dubai and the Northern Emirates, told Euronews: “We are currently at the stage where we are working with our GCC hosts and looking at how this is done mandate will look like when we try to start negotiations.”
The GCC is the UK’s third largest export market worldwide outside the European Union, behind the United States of America and China.
Trade between the GCC and the UK exceeded €46bn before COVID, with UK exports worth €25bn in 2020.
„[Es] is a very strong foundation on which to build our future trading relationship,” said Simon Penney, adding: “It’s a whole range of sectors and industries that are important to both the UK and, arguably more importantly, the UK economic change that is taking place here in the Gulf.”
The United Arab Emirates is the UK’s 25th largest trading partner in the world and the free trade agreement will solidify the UK’s relationship in the broader GCC in the post-Brexit era.
“It’s a huge opportunity for us as the UK, but especially for UK companies looking for new markets to expand,” Simon Penney told Euronews.
“It gives us a greater level of independence and the ability to plan our own future with the Gulf in the Middle East.”
Simon Penney, who has lived in Dubai for over 13 years, described how the emirate has positioned itself as a global business hub.
“It’s been through an extraordinary situation… You’re seeing significant economic change that will continue for years and decades to come.”
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