(MENAFN- Kuwait News Agency (KUNA)) LONDON, Nov 2 (KUNA) -- Britain's Trade Commissioner for the Middle East Simon Penney affirmed Wednesday his country's commitment to achieving the free trade agreement with Gulf Cooperation Council (GCC) at the nearest possible opportunity.
In his speech during the second Arab-British economic summit in London, Penney stated that the aim of the trade agreement is not to increase British exports to Arab markets but to develop a sturdy economic partnership.
He clarified the role of the British government saying that it could be summarized in three main axes, exports, investments and trade policy.
Penney revealed that value of British exports to Arab states reached GBP 28 billion (approx. USD 32.23 billion) with 80 percent to Gulf countries (approx. USD 25.7 billion).
Gulf states, Penney commented are the UK's third largest trade partner outside of the EU, adding that after that coronavirus pandemic Saudi Arabia became the largest market for British exports to the Gulf region.
Chief negotiator for the free trade agreement, Tom Wintle, called for accelerating pace of negotiations to reach a comprehensive agreement that meets the aspirations of the people.
He stated that the Gulf region is quite vital to Britain due to historical relations on various fronts, adding that economically these relations have the potential to grow even bigger, and the free trade agreement the exemplary way achieve this joint vision.
Wintle illustrated that the agreement would allow for lifting customs barriers, easing trade, opening markets and creating opportunities, commenting that experts forecast that the free trade agreement would propel a 20 percent increase in trade value by 2035.
The first round of negotiations took place between the 22nd of August and 29th of September over 33 sessions and more than a 100 British negotiator.
Participating in the second summit are numerous Arab representatives, British officials and economic experts from various countries. (end)
mrn.aai
MENAFN07112022000071011013ID1105143913
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.