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A historic free-trade deal (FTA) between the UK and the Gulf Cooperation Council (GCC) is expected to boost the UK economy by £3.7 billion ($5 billion) a year.
The UK-GCC FTA is the first such agreement between a G7 country and the Gulf region.
KEY POINTS
- Annual UK export duties of over £580 million will be eliminated upon full FTA implementation.
- The agreement includes the GCC's first commitments on the free movement of data.
- UK bilateral trade with the GCC is currently £53 billion and projected to become the UK’s tenth-largest trading partnership by 2050.
- The FTA will immediately remove £360 million in levies on British exports during its first implementation phase.
COMPANIES
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