Jasem Albudaiwi, head of the Gulf Cooperation Council, declared the completion of free trade negotiations with Britain during a strategic dialogue in London. Asharq Al-Awsat reported that these remarks were part of his opening address on Tuesday. The gathering included ministers, officials, and business figures from both regions, focusing on the future of their bilateral relationship.
Albudaiwi described the bond as resting on deep cooperation and mutual interests. He explained that the economic link connects the development goals of the GCC members with British expertise in key industries. The discussion centered on reinforcing ties amid global economic changes and geopolitical shifts that affect commerce and supply chains.
The GCC leader cited specific metrics to show the scale of this connection. Asharq Al-Awsat noted his statement that the collective gross domestic product of the Gulf states hit roughly $2.4 trillion. This figure places the bloc among the ten largest economies worldwide. Their total foreign trade surpassed $1.8 trillion, securing a fifth-place global ranking. Bilateral commerce between the GCC and Britain reached about $70 billion last year, establishing the Gulf as the UK’s tenth-largest trading partner.
The finalized agreement aims to broaden commerce and attract capital. According to the report, the deal removes import tariffs on over 99% of goods sent from the Gulf to Britain. This change creates wider avenues for selling products beyond oil, especially in aluminum, fertilizer, and manufacturing. The framework also supports logistics and re-export activities, helping small and medium-sized businesses gain greater access to the British market.
Albudaiwi stressed that the pact goes beyond simple trade gains. He argued it creates a stronger base for sustained economic and investment links. These connections span advanced manufacturing, digital technologies, artificial intelligence, clean energy, and financial services. Such sectors are expected to drive joint investment, knowledge transfer, and improved productive capacities for both parties.