RIYADH: Britain and the Gulf Cooperation Council countries are negotiating a free-trade agreement, Britain’s Investment Minister Gerry Grimstone said on Monday, according to Reuters.
A deal will be concluded within 12 months, Grimstone said at a conference in Dubai.
The GCC is already an important trading partner for Britain, with almost £22 billion ($29.57 billion) of British exports and bilateral trade worth over £30 billion in 2020, showed a British government website.
Trade between Saudi Arabia and the UK is worth billions of dollars per year. According to the British government, despite the coronavirus pandemic, bilateral trade in 2020 was worth £8.5 billion.
In a July 2021 meeting, top officials from both countries pledged to deepen ties across the fintech, energy and sustainable finance sectors.
Saudi Investment Minister Khalid Al-Falih said Saudi Vision 2030 “is an ambitious development plan that offers unprecedented investment opportunities for investors, whether they are governments, companies or individuals.
“We are keen for our friends in the UK to be fully acquainted with the available opportunities and the major developments that the investment environment witnessed in Saudi Arabia.”
