Britain hopes to seal FTA with GCC: Trade Commissioner

LONDON, July 6, (KUNA): British hopes to reach a free trade agreement (FTA) with the Gulf Cooperation Council (GCC), the fourth largest trade partner after the EU, US and China, UK Trade Commissioner for Middle East Simon Penney said.

A report regarding a joint review over trade and investment between Britain and the six GCC countries will be the foundation of long-term relationship between the two parties, Penney told KUNA in an interview on Tuesday.

Britain’s desire to further strengthening economic cooperation with the GCC reflects Prime Minister Boris Johnson’s desire to give additional stimulus to London’s relations with this “vital region,” he added.

There were, Penney added, many opportunities to expand trade and investment bonds specifically in financial technology, educational technology, medical technology and agricultural technology.

Bilateral trade between Britain and the GCC stood at almost 45 billion sterling pounds (USD 62 billion) in 2019, according to the Foreign Office figures last November.

Penney, meanwhile, described relations with State of Kuwait as “strategic” namely in mutual investment.

Kuwait Investment Authority (KIA) has been an important investor in British market and the UK has huge investments in Kuwait as well, he said.

There are many and diversified opportunities for Kuwaiti investors either in London or other cities, noted Penney, in infrastructure, rewnewable energies and technology.

Britain is keen on providing all support needed for Kuwaiti investments, he said, specially following Brexit.

Penney expected number of Kuwaiti students in Britain to increase in the next academic year. There are currently over 5,000 students in the UK.

The Trade Commissioner said he was looking forward to return of tourists from the GCC countries following recovery from coronavirus pandemic.

Britain, he said, received around 181,000 visitors from Kuwait in 2019.

The GCC consists of Kuwait, Saudi Arabia, Qatar, Bahrain, the United Arab Emirates (UAE) and Oman.