UK-GCC trade deal could be completed in a year
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Alaina
- . June 25, 2022
- . Update: June 25, 2022 8:43 pm
United Kingdom–In the most recent round of negotiations geared at bolstering its links outside the EU following its leaving, the UK has begun discussions on a free trade agreement with six Gulf nations.
“We feel a period of one to one and a half years is a realistic time period and we have chosen it as a starting area,” she said in an interview with Al Arabiya. “It is difficult to identify the time period for negotiating free trade deals, but we believe it is a feasible time period.”
According to Trevelyan, the long-term goals of the Gulf Cooperation Council include diversifying the economy away from oil and gas and fostering business sector growth through the use of digital tools. “We want to make sure that businesses in both directions profit when barriers to food, drink, and other commodities are removed,” she said.
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“It is also important to support the flow of investments in both directions, and we want to see the investment flowing between our countries grow more so that companies in the UK, Saudi Arabia, the UAE, Kuwait, Oman, and Bahrain can work closely together to the fullest extent, in order to be able to achieve the visions,” she continued.
UK-US trade agreement
In addition to the Gulf nations, the UK and the US are in discussions as well, according to Trevelyan, pending the administration of President Joe Biden’s readiness to negotiate a federal trade pact.
“I and several ministers are working with a number of US states on matters like reciprocal recognition of credentials and governor-controlled regulations to help our companies grow trade and remove some of the present impediments,” she said.
We anticipate a federal accord, but President Biden chose to concentrate his efforts internally during his first year in office, and we accept that choice, said Trevelyan.
“I’m collaborating with my counterparts to eliminate market entry barriers, and we have an agreement on the steel fees as well as the fees associated with the Boeing-Airbus issue. We’ve accomplished a lot, she remarked, and are now only waiting for the Biden administration to be prepared to start the federal deal.
