British ministers head to Gulf for talks on new trade deal

Published On : 09/16/2024

(Reuters) – Britain’s new trade ministers visited the Gulf region on Monday in a first joint visit for talks on a possible trade deal, the government said.

Trade secretary Jonathan Reynolds and minister for trade policy Douglas Alexander will meet their counterparts from the Gulf Cooperation Council, which comprises Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.

Trade has been a weak point in Britain’s economy in recent years – with business groups pointing to Brexit as one cause.

The government, elected after a landslide win for Prime Minister Keir Starmer’s Labour Party in July, is also targeting trade deals with India, Switzerland and South Korea as part of its plan to boost economic growth.

“I want to see a high-quality trade deal that supports jobs, helps UK companies sell their products to the region and increases choice for consumers – so it’s great to be here to discuss exactly that,” Reynolds said in a statement.

Britain’s Business and Trade Department estimates a free trade deal with the Gulf Cooperation Council could boost the UK economy by 1.6 billion pounds ($2.10 billion) over the long run.

Out of the Group of Seven advanced economies, Britain ranks bottom for growth in goods and services exports since 2019, even when accounting for the country’s large precious metals trade, according to national accounts data.

($1 = 0.7621 pounds)

(Reporting by Andy Bruce; Editing by Christina Fincher)

Wanda Rich

Wanda Rich has been the Editor-in-Chief of Global Banking & Finance Review since 2011, playing a pivotal role in shaping the publication’s content and direction. Under her leadership, the magazine has expanded its global reach and established itself as a trusted source of information and analysis across various financial sectors. She is known for conducting exclusive interviews with industry leaders and oversees the Global Banking & Finance Awards, which recognize innovation and leadership in finance. In addition to Global Banking & Finance Review, Wanda also serves as editor for numerous other platforms, including Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune.