Penny Mordaunt discusses post-Brexit UK-US trade deal
We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info
The UK has kicked off negotiations for a free trade agreement between the UK and the Gulf Cooperation Council (GCC), which consists of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE. Trade Secretary Anne-Marie Trevelyan met with leaders of the Gulf Nations at Riyadh to discuss free trade that’s worth £33.1billion. An agreement with the GCC could be a major opportunity for the UK, as the bloc is already Britain’s seventh-largest export market.
According to a statement by the Government, the GCC bloc’s demand for international products and services is expected to grow rapidly to £800billion by 2035, a 35 percent increase, which could open huge new opportunities for UK businesses.
British farmers and producers will benefit from this deal, as the region is heavily reliant on imported food supplies.
In the last year, food and drink exports from the UK to the GCC nations were worth £625million last year.
A free trade deal with the GCC could significantly slash or even remove tariffs on British food and drink exports.
The products that could benefit the most include cereals, which currently face a tariff of up to 25 percent; chocolate, up to 15 percent; baking products, up to 12 percent; sweet biscuits, up to 10 percent; and smoked salmon, which has a 5 percent tariff at present.
Ms Trevelyan said: “Today marks the next significant milestone in our 5-star year of trade as we step up the UK’s close relationship with the Gulf.
“Our current trading relationship was worth £33.1billion in the last year alone.
“From our fantastic British food and drink to our outstanding financial services, I’m excited to open up new markets for UK businesses large and small, and supporting the more than ten thousand SMEs already exporting to the region.
“This trade deal has the potential to support jobs from Dover to Doha, growing our economy at home, building vital green industries and supplying innovative services to the Gulf.”
British sheep farmers and meat producers could also receive a massive boost as the demand for meat is projected to grow rapidly.
In terms of food and drinks exports to Saudi Arabia, meat led the way with total UK exports worth over £152million last year.
Government figures show that between 2018 and 2019, there was a 319 percent increase in the volume of UK lamb exported to the Middle East.
Musk mystery as ‘four unidentified payloads’ spark fears [REPORT]
Putin sent warning: UK’s ‘three-year secret’ finally unveiled [REVEAL]
Western weapons obliterate Putin’s resupply vessel in Black Sea [SPOTLIGHT]
In the UAE, the volume of fresh and frozen sheep meat from the UK grew from 79 tonnes in 2019 to 657 tonnes in 2020.
Abu Dhabi is also a significant market for British dairy products, particularly cheese and butter.
Source: Read Full Article