The UK Labour government has announced its priorities for new trade agreements, with six Gulf nations and India at the forefront. The government aims to restart these negotiations in the autumn.
In an effort to secure Free Trade Agreements (FTAs) once pursued by the previous Conservative administration, business and trade secretary Jonathan Reynolds emphasised the importance of resuming discussions with the Gulf Cooperation Council (GCC) countries and India. These deals have been challenging to finalise, despite former Prime Minister Boris Johnson's promises to secure a deal with India by Diwali 2022 as a Brexit benefit.
A trade deal with the GCC could bring about a significant boost to the UK economy – it was estimated in 2022 that an FTA with the six GCC states could bring an annual increase of £1.6bn through increased exports of goods, agricultural products, and financial and digital services.
Israel, South Korea, Switzerland, and Türkiye are also significant targets for trade talks, with negotiations having commenced under the previous Conservative government. Notably, the US was absent from this list, with progress on the anticipated FTA being slow.
FTAs are just one aspect of the government's trade policy. The government plans to release a trade strategy that aligns with its industrial strategy, aiming to bolster economic security and support net zero goals. "Boosting trade abroad is essential to deliver a strong economy at home," Reynolds stated.
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Source: Financial Times, UK Gov
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