Britain reached a trade agreement with six Gulf nations.

The trade agreement is estimated to contribute an additional £3.7 billion (approximately $4.95 billion) to the UK economy annually and £1.9 billion (approximately $2.5 billion) in wages over the long term.

A stall at a market in Manchester, England. (Photo: THX/VNA)

On May 20th, the UK reached a trade agreement with six countries of the Gulf Cooperation Council (GCC), including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE).

This is also the first agreement of this kind between the GCC and a country belonging to the Group of Seven leading industrialized nations (G7).

British Prime Minister Keir Starmer described the deal, worth double the initial estimate, as a major win for British businesses and workers, who will feel the benefits in the coming years through higher wages and more opportunities.

This agreement is estimated to contribute an additional £3.7 billion (approximately $4.95 billion) to the UK economy annually and £1.9 billion (approximately $2.5 billion) in wages over the long term, benefiting both businesses and workers.

The trade agreement between the UK and the GCC countries will eliminate tariffs worth up to £580 million (approximately $780 million) on UK goods imported into the GCC, including certain food products, medical equipment, and advanced manufactured goods.

The UK's automotive and service industries, which account for more than half of the country's exports to the GCC, are also expected to benefit from the agreement.

Besides eliminating some tariffs, the agreement is expected to include stronger intellectual property protections and faster customs procedures.

Trade and Business Secretary Peter Kyle said: “I am proud that the UK is the first G7 nation to reach a modern and ambitious trade agreement with the GCC – an important and growing group of markets.”

According to the British Chamber of Commerce (BCC), the agreement will create new business opportunities for companies in the finance, energy, construction, services, education, hospitality, and technology sectors.

VNA

Source: https://nhandan.vn/anh-dat-thoa-thuan-thuong-mai-with-6-quoc-gia-vung-vinh-post963632.html