Responding to the news that a free trade agreement has been made with the six Arab states which comprise the Gulf Cooperation Council, William Bain, Head of Trade Policy at the British Chambers of Commerce, said:
“This deal is great news for the UK economy; it will open up new opportunities for inward investment, exports and supply chains. Once ratified, there will be improved market access for key UK services sectors and lower tariffs on food and drink, automotives, and industrial goods.
“There is great potential to expand our trade with this key region, which already generates £57bn a year for the UK economy. Securing long-term economic benefits with close trade partners, like the GCC, is vital for tens of thousands of UK firms with high ambitions on export growth.”
Katy Keenan, CEO of the British Chamber of Commerce Dubai, said:
“This agreement is greatly anticipated. It has been a fully consultative process with government on industry engagement, including the views of British firms across multiple sectors based in the United Arab Emirates (UAE).
“The GCC FTA is reflective of the progressive nature of the business landscape, and it carries promising potential for even greater collaboration across the GCC. That applies to both those already established in the UAE and those looking to explore the region from the UK.”
Emad Turkman MBE, Chairman of the British Chamber of Commerce Qatar, said:
“The announcement of a Free Trade Agreement between the UK and the GCC represents a significant and highly positive step forward for trade, investment and long-term economic collaboration across the region.
“From Qatar’s perspective, this agreement has the potential to further strengthen already strong bilateral ties with the UK, whilst creating new opportunities for businesses operating across sectors including financial services, energy, construction, professional services, education, hospitality and technology.
“As the British Chamber of Commerce Qatar continues to grow its membership and business network, we welcome initiatives that support increased market access, stronger commercial partnerships and greater confidence for businesses looking to trade and invest between the UK and the GCC.”
Ross McNally, Chief Executive and Executive Chair of Hampshire Chamber of Commerce said:
“This new free trade agreement with the Gulf Cooperation Council is a major step forward for Hampshire’s business community. It opens the door to fresh inward investment, stronger export potential, and more resilient supply chains at a time when our firms are hungry for growth. Lower tariffs on food and drink, automotives and industrial goods, alongside improved market access for key UK services, will give Hampshire companies a real competitive edge. Our region is home to world‑class innovators, manufacturers, and service providers – this deal gives them the platform they need to reach new markets and scale with confidence.”
About Hampshire Chamber of Commerce
Hampshire Chamber of Commerce is the independent voice of local business across the county and one of the largest regional business networks in the UK. With a strategic vision to ‘unlock Hampshire’s potential’, Hampshire Chamber brings together the combined influence, strength and expertise of the county’s three former major chambers. It works with over 2,000 individual firms spanning all sectors and sizes of business. Member services include training, advice, international trade documentation, events, networking opportunities and lobbying to policymakers on issues affecting business. Hampshire Chamber’s business network is designed to help any employer to grow and thrive irrespective of their stage on the enterprise journey.
About the BCC Insights Unit
The BCC Insights Unit brings together all the strands of research the BCC undertakes, including the Quarterly Economic Survey, the largest private sector business survey in the UK; the Quarterly Economic Forecast, currently ranked by the Sunday Times as the country’s second most accurate; and a leading programme of business surveys which inform the national economic debate. The Insights Unit was launched on 3 July 2023.