UK Treasury Secretary Confirms Nearing Trade Deal with Gulf States

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 UK Treasury Secretary Confirms Nearing Trade Deal with Gulf States

British Treasury Secretary Rachel Reeves has announced that the UK government is close to signing a trade agreement with the Gulf Cooperation Council (GCC), which includes Saudi Arabia, Qatar, the United Arab Emirates, Kuwait, Bahrain, and Oman.

In an interview with the BBC, Reeves said that this would be the second major trade agreement secured by the current government, which continues its efforts to strengthen the UK's global trade ties post-Brexit.

According to the British news agency PA Media, Reeves stated that the UK economy will benefit from recent trade agreements with the United States, the European Union, and India, as reported by the German news agency DPA.

She added: “The UK is in a better position than any other country in the world in terms of trade deal terms with these nations… We have the first and best agreement so far with the United States. We have reached the best agreement ever made with the EU by a non-member country, and we’ve signed the best trade deal with India.”

Reeves also noted that the UK is not currently considering trade negotiations with China.

Foreign Secretary David Lammy said in April that the Labour government is continuing discussions with the Gulf States over the trade agreement, which had initially started under the previous Conservative government.

Reeves' comments coincided with the announcement of a new deal between the UK and the EU, unveiled yesterday.

Prime Minister Keir Starmer praised the agreement, which was presented at a summit in London, describing it as “mutually beneficial” and a “new era” in UK-EU relations.

The comprehensive agreement will allow more British travelers to use electronic gates when visiting EU countries during holidays. It will also provide British farmers with easier and faster access to the European market thanks to a new agreement on animal and plant product standards—an arrangement expected to add nearly £9 billion ($12.1 billion) to the UK economy by 2040.