The UK International Trade Secretary, Liz Truss, has said that the British government is looking at a possible trade deal with Gulf states starting with an investment tie-up with the UAE for an amount of £5 billion ($7.06bn).
Ms Truss added that the Gulf bloc, including Saudi Arabia and the UAE, are a “definite target” for such a trade deal and that the UK is working on deals with all six members of the GCC bloc.
The Department for International Trade is turning its attention to more ambitious relations with India and the GCC as it nears the end of “phase one” talks with Australia and New Zealand.
“We are in discussions with the GCC and I hope that we'll be able to say more about that soon.”
Fellow minister Lord Grimstone is working to close in on a deal with thd Abu Dhabi sovereign wealth fund, Mubadala Investment Company.
British trade with GCC members was worth £45bn in 2019, the fourth largest amount after the EU, US and China.
Ms Truss is working to turn to the more ambitious and potentially more lucrative “phase two” of Britain’s trade strategy as an independent power.
“We've made significant inroads into the phase two and we are now bringing forward new opportunities,” she said.