UK chases elusive GCC trade deal that could boost exports, economic links
A new charm offensive at Saudi Arabia's flagship investment conference has fueled optimism that a UK-GCC trade pact, under negotiation since 2022, could soon be completed.
After securing a string of trade deals in 2025, the UK’s Labour government is hoping to achieve another breakthrough as it pushes to finalize a long-sought pact with the oil-rich Gulf states.
On Oct. 27, London dispatched Chancellor of the Exchequer Rachel Reeves to Saudi Arabia’s glitzy Future Investment Initiative in Riyadh. During the conference, Britain said it had unlocked $8.6 billion in trade and investment agreements with Saudi Arabia, including deals involving Barclays, AI firm Quantexa and others.
This charm offensive underpinned optimism that a UK-GCC free trade agreement — in the works since 2022 — could soon be completed. Sitting alongside Reeves at the FII conference, Qatari Finance Minister Ali bin Ahmed Al Kuwari said that an agreement was “almost done.” A day before, Reeves expressed confidence that a Gulf trade deal could be completed quickly.
Meanwhile, British Minister of State at the Department for Business and Trade Chris Bryant traveled to Kuwait Oct. 29 after telling reporters that the UK had “made another offer to the GCC” and was hopeful they could finalize negotiations.
