London:Secretary-General of the Gulf Cooperation Council (GCC), Jasem Albudaiwi, emphasized the foundational elements of the relationship between the GCC states and the United Kingdom, highlighting cooperation, trust, and shared interests as key components contributing to a distinguished economic and trade partnership. His remarks were made during his opening speech at the GCC-UK Strategic Dialogue in London, attended by ministers, officials, business leaders, and investors from both sides.
According to Saudi Press Agency, Albudaiwi stated that the economic partnership between the GCC and UK aligns the GCC's development visions with the UK's expertise across vital sectors. He stressed the importance of enhancing cooperation amid global economic changes, geopolitical developments, and challenges to trade, investment, and supply chains.
Albudaiwi noted that GCC member states are progressing towards economic integration, diversifying productive bases, and empowering the private sector, with the GCC's combined GDP reaching approximately $2.4 trillion. This positions them among the world's 10 largest economies, with foreign trade exceeding $1.8 trillion, ranking them fifth globally. He also highlighted efforts to bolster cybersecurity and the digital economy to support economic growth and global competitiveness.
Furthermore, the trade volume between the GCC and UK reached about $70 billion in 2025, making the GCC the UK's 10th-largest trading partner. Investment assets and liabilities between the two reached approximately $643 billion in 2024, demonstrating strong economic ties. The conclusion of negotiations on the GCC-UK Free Trade Agreement (FTA) was noted as a strategic step, aiming to expand trade and foster private sector opportunities.
The FTA is expected to eliminate customs duties on over 99% of GCC exports to the UK, enhancing non-oil exports in aluminum, fertilizer, and manufacturing sectors, along with logistics and re-export opportunities. Albudaiwi highlighted the agreement's potential to strengthen long-term economic partnerships in advanced manufacturing, the digital economy, clean energy, financial services, and more, supporting joint investment and technology transfer.
