UK to explore free trade agreements with GCC countries after Brexit: Liam Fox
The UK will explore the possibility of free trade agreements, FTA, with individual countries in the Gulf Cooperation Council after leaving the European Union, a British minister told the Emirates News Agency, WAM, on Thursday.
"The question of whether bilateral trade agreements [with individual countries are possible] is something we want to explore after we have left the EU," said Liam Fox, the UK Secretary of State for International Trade.
He added that the UK is not allowed to negotiate any FTAs until it leaves the EU.
The UK-GCC trade relations are strong as the UK exports to the region and investments from the region to the UK have increased in recent years, Fox continued.
According to the UK Department of International Trade, the UK exports more to the GCC countries than China, with trade between the UAE and the UK alone reaching GBP16.3 billion in the second quarter of 2018.
Follow Emirates 24|7 on Google News.