UK FREE TRADE AGREEMENT WITH GULF STATES ON TRACK

▶ Lord Lister reveals deal under way as UAE minister says relations with UK going through revival

Lord Edward Lister, a former Downing Street chief of staff, revealed the UK had started formal steps towards putting in place a free trade agreement with Arab Gulf countries.

Lord Lister, who is co-chairman of the UAE-UK Business Council, told an online forum yesterday that unprecedented developments in trade links were coming on track. “There is a lot of work under way at the moment – consultation is shortly about to start on it – on a new trade arrangement into the Gulf, which will be a free trade agreement,” he said.

“That’s a major piece of government work that is under way.”

Minister of State Ahmed Al Sayegh, also co-chairman of the Business Council, told the forum that as the Emirates reached its 50th year, the countries’ “friendship was going through a revival ”.

He said that both countries were leading the world in vaccination rates for the general population.

“This is such a pivotal year for both countries and it offers us an unprecedented opportunity for growing our trade and investment relationship,” he said. “We have both taken great strides in addressing the Covid crisis by vaccinating, and hopefully our economies will be growing back through the investments we are making in infrastructure, technology and skills.”

Since completing the process of leaving the EU early this year, Britain has sought to close trade deals with major economic partners. Officials have spoken of the UK’s ambition to seal a GCC trade deal on terms of better access for goods and more positive conditions for investment.

Lord Lister, 71, has worked with the UK prime minister since Boris Johnson was elected mayor of London in 2008, and stepped down as the official envoy to the Gulf late last week.

He said it was “the right time” for him to go because it was clear the envoy role was bigger than the part-time job he envisaged.