Draft treaty text was advanced across the majority of chapters. Technical discussions were held across 13 policy areas over 30 sessions. Good progress was made and both sides remain committed to securing an ambitious, comprehensive, and modern agreement fit for the 21st century, UK’s department for international trade said in a press release.
The UK and the GCC have made good progress in the third round of FTA negotiations held in Riyadh recently. The discussions advanced across most chapters with technical talks in 13 policy areas over 30 sessions. A deal with the GCC is expected to increase trade by 16 per cent, add £1.6 billion to the UK economy, and contribute at least £600 million.
An FTA will be a substantial economic opportunity and a significant moment in the UK-GCC relationship. Government analysis showed that, in the long run, a deal with the GCC is expected to increase trade by at least 16 per cent, add at least £1.6 billion a year to the UK economy, and contribute an additional £600 million or more to the UK.
The fourth round of negotiations is expected to be hosted by the UK later this year.
Fibre2Fashion News Desk (NB)
