RIYADH: A free trade deal between the Gulf Cooperation Council and the UK remains on course to be completed by the end of 2024 despite the change of government in London, according to a senior official. 

Secretary-General of the GCC Jasem Mohamed Al-Budaiwi made the comments after meeting the new British Business and Trade Secretary Jonathan Reynolds, according to the Saudi Press Agency. 

Al-Budaiwi noted the UK government鈥檚 strong interest and sincere intent to expedite the negotiation process, with Reynolds expressing a goal to have the agreement signed before the close of the year. 

The meeting came in the wake of the UK Labour Party鈥檚 election victory on July 4, but the country鈥檚 trade policy toward the GCC appears to be unchanged from the previous Conservative administration. 

In 2020 alone, the UK exported goods and services valued at 拢23.1 billion ($25 billion) to the GCC, accounting for 71 percent of the UK鈥檚 total trade with countries in the organization. 

The Gulf countries stand as the UK鈥檚 seventh-largest export destination, with bilateral trade amounting to a total value of 拢61.3 billion ($78.29 billion) in 2022. 

SPA said that discussions between Al-Budaiwi and Reynolds covered a range of economic and trade-related topics, underscoring the importance of enhancing bilateral relations between the GCC and the UK.  

Both sides expressed eagerness to accelerate negotiation rounds, scheduling regular high-level meetings to finalize the agreement鈥檚 chapters and achieve its signing this year.  

This collaborative effort is viewed as pivotal in bolstering cooperation and strengthening the strategic partnership between the region and the UK. 

Speaking to Arab News in 2023, Kemi Badenoch, Reynolds鈥� predecessor, described the potential FTA as 鈥済roundbreaking,鈥� adding that it could 鈥渟et a precedent for what the GCC does with the rest of the world.鈥� 

The GCC has actively pursued FTAs with various countries to bolster economic ties and broaden market access across different regions.  

Recent developments include the establishment of an FTA with Korea in December 2023.

Additionally, negotiations for an FTA between the GCC and Japan resumed and were formalized by a joint statement signed in July 2023, following a meeting between Japanese Prime Minister Fumio Kishida and GCC Secretary-General Al-Budaiwi in Jeddah.