This is the first such agreement between the GCC and a member of the Group of Seven (G7). UK Prime Minister Keir Starmer described the agreement, worth double original estimates, as a “huge win” for British businesses and workers, “who will feel the benefits in the years ahead through higher wages and more opportunities.”
The deal is expected to contribute to the British economy an estimated 4.95 billion USD and increase wages by 2.5 billion USD each year. The agreement will eliminate an estimated 780 million USD in annual tariffs on British exports to the GCC of certain food products, medical equipment, and advanced manufactured goods.
The UK auto industry and professional services industry, which accounts for more than half of its exports to the GCC, are also expected to benefit from the deal.
