The British government said the new trade and commercial policy ministers will visit the Gulf region on Monday in their first joint visit to hold talks on a possible trade deal.
Trade Minister Jonathan Reynolds and Trade Policy Minister Douglas Alexander will meet their counterparts from the Gulf Cooperation Council, which includes Qatar, Bahrain, Kuwait, Oman, Saudi Arabia and the UAE.
Trade has been a weak point in the British economy over the past few years, partly due to Brexit.
Government goal
The government, elected after a landslide victory for Prime Minister Keir Starmer’s Labour Party in July, is also targeting trade deals with India, Switzerland and South Korea as part of its plan to boost economic growth.
“I want to see a high-quality trade deal that supports jobs, helps British businesses sell their products to the region and increases choice for consumers, so it’s great to be here to discuss exactly that,” Reynolds said in a statement.
The UK government’s Department for Business and Trade estimates that a free trade agreement with the GCC could boost the UK economy by around £1.6 billion ($2.10 billion) in the long term.
Among the Group of Seven advanced economies, Britain has ranked last in terms of growth in exports of goods and services since 2019, even when the country’s large precious metals trade is taken into account, according to national accounts data.
