The UK already has strong economic and political ties with the GCC member states: Saudi Arabia, the United Arab Emirates, Qatar, Bahrain, Kuwait and Oman.
“There is no doubt that we will collectively embark on a new chapter, which will consolidate our long-standing trade and investment cooperation,” Zayed al-Zayani, whose country currently chairs the GCC, added in a statement.
Trade between the UK and the Gulf countries reached over £ 30 billion (€ 35 billion or $ 40 billion) in 2020according to the British government, which stated that “a far-reaching trade agreement would take our relationship to the next level.”
UK International Trade Minister Anne-Marie Trevelyan welcomed the “enormous opportunity to liberalize trade with a growing market” while strengthening ties “with a region vital to our strategic interests”.
Since leaving the European Union, London tried to strengthen its trade links with its traditional partners such as the United States, Australia and the Gulf countries.
The latter are among the largest economies in the Arab world, starting with Saudi Arabia, the world’s largest oil exporter, but also the United Arab Emirates and Qatar, which are home to a population with high purchasing power.
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