The United Kingdom has signed an important trade agreement with the Gulf Cooperation Council (GCC), which is expected to contribute more than 4 billion Euro\u2019 per year to the British economy.<\/p>\n
The agreement is the first of its kind between the Gulf Cooperation Council (GCC), which consists of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and UAE\u2019, and an important G7 country.<\/p>\n
According to the agreement, up to 93 percent of \u2019's (Gulf Cooperation Council) customs duties on British goods will eventually be lifted, and the UK's customs duty on \u2019's exports of approximately \u20ac670 million per year will be removed. About two-thirds of these reductions will go into effect as soon as the agreement enters into force.<\/p>\n
UK exports, ranging from cheese and butter to medical equipment and manufacturing goods, will benefit from this; service firms will gain deeper market access in the financial, engineering, legal and consulting sectors.<\/p>\n
Deal \u2018a big winPraised as \u2019<\/b><\/p>\n
British Prime Minister Keir Starmer welcomed the deal, describing it as a major win for British workers and businesses, and reiterating the government's commitment to promoting growth, supporting employment and strengthening the economy.<\/p>\n
\"The \u201c Gulf countries are valuable economic partners, and this agreement deepens this relationship, builds trust and opens up new trade and investment opportunities,\" added \u201d.<\/p>\n
Trade and Trade Minister Peter Kyle echoed these statements, saying the deal sent \u201c a clear signal of confidence at a time of global uncertainty and trade turmoil.<\/p>\n
Gulf Cooperation Council Secretary General Jasem Mohamed Albudaiwi, meanwhile, praised the agreement as a successful result of intensive negotiations and described it as part of a broader vision for \u201c sustainable and promising economic growth for all parties involved.<\/p>\n
Albudaiwi added that at a time when economies in the region are accelerating diversification efforts beyond hydrocarbons and investing heavily in logistics and emerging technologies, the deeper strategic partnerships created by the agreement will benefit both the UK \u2019 and the Gulf Cooperation Council \u2019.<\/p>\n
Business leaders also welcomed the trade agreement; Many people see the Gulf \u2019 as a bright spot to invest and expand. They also highlighted opportunities in green technology, infrastructure, healthcare and professional services.<\/p>\n
Georges Elhedery, Group CEO of banking giant HSBC\u2019nin, said \u2019GCC is a region that is growing in strategic importance, has long-term opportunities and where HSBC\u201c's legacy extends deep.<\/p>\n
\"We see first-hand the opportunity this agreement can bring, and we are ready to help deepen economic ties and support businesses to connect, invest and grow,\" \u201c added.<\/p>\n
The agreement also marks a major step forward in improving conditions that will encourage companies to grow confidently in the Gulf region.<\/p>\n
Anthony Houghton, CEO of Holland & Barrett, said: \u201c Fair, reliable and low barrier trade is essential for businesses to compete and grow internationally with confidence. This agreement ensures stability by supporting the growth of companies like us and serving customers across the region.\u201d<\/p>\n
Trade in the post-Brexit world<\/b><\/p>\n
Industry experts say that this agreement, in which London\u2019 aims to expand its commercial partnerships beyond Europe\u2019, underscores the growing economic importance of the Gulf region for Britain.<\/p>\n
Chartered Institute of Export and International TradeAccording to \u2019, the United Kingdom\u2019tan Gulf Cooperation Council\u2019ne (GCC) food and beverage exports already exceed 720 million Euro\u2019 annually; for products such as confectionery and special cheeses %From 5 to %Customs duties between 25 and 25 will now be reduced or abolished.<\/p>\n
Marco Forgione, managing director of the Chartered Institute of Export and International Trade, said that the UK-Gulf Cooperation Council (GCC) trade agreement will unlock important new markets for \u201c British exporters in sectors such as advanced manufacturing and renewable energy.<\/p>\n
Another outcome could be opportunities from major Gulf infrastructure projects linked to regional trade diversification efforts triggered by disruptions in the Strait of Hormuz.<\/p>\n
Given that UK-Gulf Cooperation Council (GCC) trade currently reaches around \u20ac66 billion \u2019 each year, the new agreement will see the flow of bilateral trade over time. %It will increase up to 20\u2019.<\/p>","protected":false},"excerpt":{"rendered":"
The deal will be the first of its kind between the Gulf Cooperation Council and a G7 country and will lift tariffs on British exports worth billions of euros.<\/p>","protected":false},"author":1,"featured_media":3110,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[838,518,837,76,160],"class_list":["post-3109","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-genel","tag-bolum","tag-ile","tag-ingiliz","tag-is","tag-ticaret"],"_links":{"self":[{"href":"https:\/\/www.lojistiknakliye.com\/en\/wp-json\/wp\/v2\/posts\/3109","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lojistiknakliye.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lojistiknakliye.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lojistiknakliye.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lojistiknakliye.com\/en\/wp-json\/wp\/v2\/comments?post=3109"}],"version-history":[{"count":1,"href":"https:\/\/www.lojistiknakliye.com\/en\/wp-json\/wp\/v2\/posts\/3109\/revisions"}],"predecessor-version":[{"id":3111,"href":"https:\/\/www.lojistiknakliye.com\/en\/wp-json\/wp\/v2\/posts\/3109\/revisions\/3111"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.lojistiknakliye.com\/en\/wp-json\/wp\/v2\/media\/3110"}],"wp:attachment":[{"href":"https:\/\/www.lojistiknakliye.com\/en\/wp-json\/wp\/v2\/media?parent=3109"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lojistiknakliye.com\/en\/wp-json\/wp\/v2\/categories?post=3109"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lojistiknakliye.com\/en\/wp-json\/wp\/v2\/tags?post=3109"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}