The United Kingdom announced what it described as a “historic” trade agreement with the Gulf Cooperation Council, becoming the first G7 nation to secure such a deal with the regional bloc.
According to the U.K.’s Department for Business and Trade, the agreement could add an estimated £3.7 billion annually to the British economy and increase wages by £1.9 billion over time. The deal includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
The UK is set to finalize a long-awaited trade deal with the Gulf Cooperation Council on Wednesday https://t.co/SxKhrrAI4u
— Bloomberg (@business) May 19, 2026
The report said the agreement will remove roughly £580 million in export duties each year once fully implemented, with most tariff reductions beginning immediately. British exports such as cereals, cheddar cheese, butter and chocolate are expected to become tariff-free under the arrangement.
Prime Minister Keir Starmer called the deal a major victory for British businesses and workers as the U.K. faces economic pressure linked to the ongoing Iran conflict.
The agreement marks Britain’s fifth major trade pact under the current government following deals with India, the United States, the European Union and South Korea.
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TIPP Staff
TIPP Staff
TIPP Staff
