UK eyes £1.6bn GCC trade boost |
| UK finance minister Rachel Reeves is leading a delegation to Saudi Arabia to strengthen trade ties with Gulf Cooperation Council (GCC) countries also including Bahrain, Kuwait, Oman, Qatar and the United Arab Emirates. The UK government hopes to secure a deal that could add £1.6bn to the economy annually and increase wages by £600m in the long term. The UK’s trade with the Gulf is currently valued at £59bn, and the proposed deal could enhance trade by 16%. Reeves said: "Our number one priority is growth, so I am taking Britain's offer – of stability, regulatory agility and world-class expertise – directly to one of the world's most important trade and investment hubs, making that case in our national interest." |
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