After a pause for the UK's general election, Britain's new Labour government has said it is eager to restart talks towards securing a free-trade agreement with the Gulf Co-operation Council and others.
Given that the UK was the world’s fourth largest exporter in 2022 with exports of £855 billion, and growth is a central pillar of Prime Minister Keir Starmer's economic strategy, international trade is high on the list of priorities.
Business and Trade Secretary Jonathan Reynolds announced it was the government’s intention to launch a new trade strategy to help deliver its growth mission, beginning with talks with the GCC, India, Israel, South Korea, Switzerland and Turkey.
“From the Gulf to India, our trade programme is ambitious and plays to the UK’s strengths to give British businesses access to some of the most exciting economies in the world,” Mr Reynolds said.
“Our teams will be entering negotiating rooms as soon as possible, laser-focused on creating new opportunities for UK firms so they can support jobs across the country and deliver the growth we desperately need.”
'Eager to open the doors'
The sixth round of FTA talks between the UK and the GCC – which is made up of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE – ended in February, and the new Labour government expects the next round to take place later this year.
During the sixth round, discussions centred on 21 policy areas over 30 sessions, with “good progress” being made and both sides remaining “committed to securing an ambitious, comprehensive and modern agreement fit for the 21st century”, according to a government statement at the time.
The GCC and the UK already have a trade relationship where, as of 2021, at least £19 billion had already been invested in each other’s economies.
Total trade between the GCC and the UK is worth about £59 billion, according to the latest estimates.
An FTA with the GCC could potentially boost this further, the government said, “ensuring British companies can make the most of this booming market and British customers get even more choice”.
British business groups welcomed the move to restart the trade talks, with William Bain, head of trade policy at the British Chambers of Commerce (BCC) commenting that companies “were eager to open the doors to closer trade links with our key partners”.
“Reaching new or upgraded deals could offer new opportunities for businesses, of all sizes, to grow and invest for the future, especially in sectors like spirits, business services, climate-friendly technology and pharmaceuticals,” he said.
The UK already has FTAs with Israel, South Korea, Switzerland and Turkey, which rolled over when Britain left the EU in 2020. Before the UK election, the talks with the four countries were aimed at updating the agreements.
Spare
Profile
Company name: Spare
Started: March 2018
Co-founders: Dalal Alrayes and Saurabh Shah
Based: UAE
Sector: FinTech
Investment: Own savings. Going for first round of fund-raising in March 2019
RESULT
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Man United: Sanchez (24' ), Herrera (62')
Spurs: Alli (11')
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Fiction
"The Nickel Boys" by Colson Whitehead (Doubleday)
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"A Strange Loop" by Michael R. Jackson
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"Sweet Taste of Liberty: A True Story of Slavery and Restitution in America" by W. Caleb McDaniel (Oxford University Press)
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"Sontag: Her Life and Work" by Benjamin Moser (Ecco/HarperCollins)
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"The Tradition" by Jericho Brown (Copper Canyon Press)
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"The Undying: Pain, Vulnerability, Mortality, Medicine, Art, Time, Dreams, Data, Exhaustion, Cancer, and Care" by Anne Boyer (Farrar, Straus and Giroux)
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"The End of the Myth: From the Frontier to the Border Wall in the Mind of America" by Greg Grandin (Metropolitan Books)
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"The Central Park Five" by Anthony Davis, premiered by Long Beach Opera on June 15, 2019
Special Citation
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MATCH INFO
Final: England v South Africa, Saturday, 1pm
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Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
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- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
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Global state-owned investor ranking by size
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More from Rashmee Roshan Lall
Mohammed bin Zayed Majlis
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Engine: Duel electric motors
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Torque: 1075Nm
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Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
How to get there
Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
Sun jukebox
Rufus Thomas, Bear Cat (The Answer to Hound Dog) (1953)
This rip-off of Leiber/Stoller’s early rock stomper brought a lawsuit against Phillips and necessitated Presley’s premature sale to RCA.
Elvis Presley, Mystery Train (1955)
The B-side of Presley’s final single for Sun bops with a drummer-less groove.
Johnny Cash and the Tennessee Two, Folsom Prison Blues (1955)
Originally recorded for Sun, Cash’s signature tune was performed for inmates of the titular prison 13 years later.
Carl Perkins, Blue Suede Shoes (1956)
Within a month of Sun’s February release Elvis had his version out on RCA.
Roy Orbison, Ooby Dooby (1956)
An essential piece of irreverent juvenilia from Orbison.
Jerry Lee Lewis, Great Balls of Fire (1957)
Lee’s trademark anthem is one of the era’s best-remembered – and best-selling – songs.
