Brexit Britain On The Verge Of Another Mega Trade Deal – Trevelyan

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.

Brexit Britain On The Verge Of Another Mega Trade Deal - Trevelyan
Brexit Britain On The Verge Of Another Mega Trade Deal - Trevelyan

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.

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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.

“Now Brexit is opening new doors to faster-growing and more dynamic economies in the rest of the world, as the relative importance of the EU continues to decline.”

The Department for International Trade (DIT) hopes a potential deal would strengthen ties between Britain and the six Monarchies and also break open new possibilities with regard to industries of the future such as digital trade, services and green growth, delivering higher-paying jobs across the country.

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“A trade agreement with the Gulf Co-operation Council is a huge opportunity to liberalise trade with a growing market for British business and deepen ties with a region that is vital to our strategic interests.”

“We want a modern, comprehensive agreement that breaks down trade barriers to a huge food and drink market and in areas like digital trade and renewable energy which will deliver well-paid jobs in all parts of the UK,” International Trade Secretary, Trevelyan said

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