'Historic' UK trade deal with Gulf states set to add billions to British economy
The UK has signed a historic trade agreement with the Gulf Cooperation Council (GCC), projected to boost the British economy by over €4 billion annually. This deal, the first of its kind between the GCC and a G7 country, will eliminate tariffs on a significant portion of British exports. Both UK officials and GCC representatives have praised the agreement as a major step towards strengthening economic ties and fostering growth.
- ▪The trade deal will scrap tariffs on billions of euros worth of British exports.
- ▪Up to 93% of GCC tariffs on British goods will eventually be eliminated, saving around €670 million annually.
- ▪The agreement is expected to benefit UK exports in various sectors, including food, medical equipment, and professional services.
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