The UK became the first G7 country to secure a trade deal with the Gulf Cooperation Council (GCC) last week.
The announcement reflects the UK’s solidarity and long-term cooperation with its Gulf partners – Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and UAE.
This will remove an estimated £580m in duties a year, based on current UK exports to the GCC, once the agreement is fully implemented, with £360 million worth of this to be removed on day one of the agreement entering into force – as well as renewed certainty for services firms, making it easier for UK companies to expand and partner in the Gulf, and supporting high quality jobs for years to come.
Importantly for members, the agreement means UK exports of medical devices will benefit from the removal of tariffs once fully implemented.
This marks a fifth international agreement following major deals with India, the US, the EU and South Korea, as the Government seeks certainty and stability for businesses post-Brexit.
