Muscat – UK Ministers are in the Gulf this week on a joint visit to boost trade and investment and hold talks for a possible free trade agreement (FTA) between the UK and GCC.

UK Trade Secretary Jonathan Reynolds and Trade Policy Minister Douglas Alexander were meeting counterparts in the GCC on Monday in Riyadh to discuss how to grow the UK economy by boosting trade with the region.

The UK government announced in July it plans to deliver a high-quality trade deal with the GCC bloc, along with other countries including India, Switzerland and South Korea.

A GCC trade deal could boost the UK economy in the long run, while allowing UK companies to take advantage of this booming market and giving British consumers access to more high-quality goods and services, the UK government said in a press statement.

As per the statement, the British ministers will emphasise to GCC leaders that securing the trade deal is a top priority for the UK.

Jonathan Reynolds said, “Economic growth is this (UK) government’s driving mission and boosting trade and investment with some of the world’s biggest economies is crucial to that. 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.”

The GCC has long been a valued investment partner for the UK. A new trade deal will boost that even further.

Following his visit to Riyadh, Minister Douglas Alexander will travel onto Oman to meet counterparts, including the Minister of Commerce, and some of the UK businesses who are already enjoying great success in the country.

Douglas Alexander said, “We are excited about the opportunities this vibrant region has to offer UK business and consumers. We want our trading partners in the Gulf and around the world to know that the UK is open for business and keen to negotiate trade deals that help businesses across sectors and all parts of the UK to prosper.”

The UK accounts for nearly half of the entire foreign direct investment in Oman creating jobs and opportunities on both sides. Oman is a valued investor in the UK in turn, signing major deals in areas like green energy with UK companies.

Adam Gagen, Global Head of Government Affairs at Revolut, said, “We see the UK-GCC FTA as a potential game changer for fintechs, enabling UK companies to expand into the fast-growing region whilst also making the UK the natural place for the innovative companies emerging across the Gulf to begin to go global.”

“The GCC and the UK are leading the way in a number of key areas – notably open banking, AI and blockchain – and an FTA can only serve to reinforce cooperation and supercharge growth.”