International Business News – The first phase of the Gulf Cooperation Council (GCC)-UK FTA negotiations was officially launched on August 22 with the presence of GCC member states’ trade ministers, GCC Secretary General Dr. Nayef Al Hajraf and UK Trade Secretary Anne-Marie Trevelyan, according to the Bahrain Daily Forum. A joint declaration to launch FTA negotiations between GCC member states and the UK, signed in Riyadh on June 22, 2022, laid the groundwork for the official launch of the negotiations.

In his speech at the opening of the first phase of the FTA negotiations, Dr. Nayef expressed hope that the negotiations would lead to an ambitious free trade agreement (FTA) and open new horizons for joint investment.The GCC leaders believe that these negotiations will deepen cooperation between the countries and the UK in all areas of the economy, trade and investment. The first phase of the negotiations took place by video and lasted until Aug. 25.