UK Minister for International Trade Nigel Huddleston, makes history by participating in trade talks in Oman alongside top Gulf commerce ministers at the GCC Commerce Ministers’ summit
At the heart of these discussions are the prospects of a Free Trade Agreement (FTA) between the UK and the GCC. Such an FTA could boost trade by a significant 16%.
This agreement would be similar to the agreement between UK and Turkey, which took place in July.
Strengthening bilateral ties through trade talks in Oman
Nigel Huddleston’s visit underscores the commitment to strengthening a robust trading relationship worth over £65 billion. The GCC stands as one of the UK’s most crucial trade partners, with trade surging to £65.2 billion in 2022, marking a remarkable 75% increase.
Huddleston emphasises the vision for a forward-looking, comprehensive, and innovative free trade deal that fosters innovation, stimulates investment, and nurtures burgeoning industries.
The potential benefits of this partnership, spanning decades, are enormous.
Exploring economic opportunities in Oman
Aside from trade negotiations, the visit encompasses a tour of the Port of Salalah, Oman’s largest port, renowned as the world’s second most efficient container port in 2021. Oliver Christian, the new Trade Commissioner for the Middle East, joins Minister Huddleston for these crucial discussions.
As Oman holds the rotating Presidency of the GCC this year, this summit represents a significant milestone in the ongoing negotiations between the UK and GCC, following the fourth round of UK-GCC FTA talks in London in July 2023.
The future of trade talks between UK and Gulf seems secure
The council’s main headquarters are in Riyadh, Saudi Arabia, and these summits convene every 3-4 months, with the most recent one taking place in Muscat in May 2023.
In Oman, the stage is set for transformative discussions that could shape the future of trade between the UK and the Gulf region during these trade talks in Oman.
This sets the stage for a new, bright future for both economic regions.
