Debaters working ‘flat out’ to accomplish UK-GCC trade agreement
Date
11/23/2023 8:39:39 AM
(MENAFN) The efforts to establish a comprehensive trade agreement between the United Kingdom and the Gulf Cooperation Council (GCC) are reaching a crucial stage, with negotiators from both sides working intensively to ensure the success of the ambitious deal. Tom Wintle, Britain's chief negotiator in these talks, highlighted the commitment of both parties, emphasizing that the focus is on achieving the right agreement rather than adhering to a specific timeline.
Speaking at the 3rd Arab-British Economic Summit, Wintle acknowledged that the recent conclusion of the fifth round of trade talks in Riyadh marked progress, but he underscored the lengthy road ahead in crafting a mutually beneficial trade pact. The negotiations, which commenced in August of the previous year, are anticipated to continue for seven rounds, reflecting the complexity of the discussions.
Business and Trade Minister Dominic Johnson emphasized the substantial momentum in trade between the United Kingdom and the GCC, characterizing it as a "massive boom." Johnson emphasized that a free trade agreement with the GCC would serve as a foundational element supporting the significant demand that British businesses are eager to tap into.
While the negotiations involve intricacies and sensitivities, Johnson stressed that the primary goal is to secure a deal that aligns with the interests of all parties involved. Recognizing the potential complexities in such agreements, Johnson highlighted the importance of taking the necessary time to ensure a comprehensive and well-structured deal.
The minister emphasized that the negotiation process is inherently political, and achieving a consensus on key issues is a crucial step before economic considerations take center stage. Johnson maintained that, in the context of a 10-year perspective, a slight extension of the timeline, if needed, would not compromise the overall success of the deal.
As the negotiations unfold, stakeholders and businesses are closely monitoring the developments, anticipating the potential impact of the trade agreement on economic relations between the United Kingdom and the GCC. The dynamic nature of the discussions underscores the intricate balance between political considerations and economic imperatives in shaping the future trade landscape between these key regions
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