UK strikes historic multi-billion-pound trade deal with GCC

The UK Government announced it has secured a free trade agreement with the Gulf Cooperation Council (GCC).

• Main announcement: The UK has become the first G7 country to sign a trade agreement with the GCC (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, UAE); the deal is estimated to add £3.7 billion to UK GDP per year in the long run (compared to 2040 projections) and increase real wages by £1.9 billion annually. The agreement will remove an estimated £580m in duties annually once fully implemented, with £360m of duties removed on day one of entry into force.
• Key details and implementation: The deal includes first-of-its-kind GCC commitments on free flow of data (allowing UK companies to store/process data outside the region), ambitious customs commitments (customs cleared within 48 hours, perishable shipments released in under 6 hours once requirements are met), guaranteed market access for services (services ~80% of UK economy; ~£17bn services exports to GCC in prior year), and alignment with sectors including advanced manufacturing, clean energy, and digital technologies. Data sources and modelling (DBT/ONS/HM Treasury) are cited in the release.