International Trade Secretary, Anne-Marie Trevelyan has confirmed Britain is in talks over the possibility of a post-Brexit trade deal with the Gulf Co-operation Council (GCC), an economic union of Arab nations valued at more than £2.6trillion.
A former Chief Economist at the Institute of Economic Affairs, Julian Jessop has lauded the development as indicative of the economic shackles that have been yanked with the actualisation of Brexit.
Britain is said to have embarked on a 14-week consultation on a future deal with the GCC and has sought the counsel of the public and business enterprises as the trade secretary Trevelyan looks to commence negotiations in 2022.
The GCC is made up of the Kingdom of Bahrain, the State of Kuwait, the Sultanate of Oman, the State of Qatar, the Kingdom of Saudi Arabia, and the United Arab Emirates. The bloc is said to be one of the UK’s largest trading partners.
In 2020, total bilateral trade with the bloc stood at well over £30billion, hence an accord with the six monarchies is seen as a key target for post-Brexit Britain, after the EU failed to strike a similar agreement.
“The Department for International Trade has already rolled over or improved our existing trade deals much more quickly than most had expected,” Jessop said.