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Saudi Arabia seeks to expand financial ties with the United Kingdom

Saudi Arabia seeks to expand financial ties with the United Kingdom

Saudi Arabia, the Arab world’s largest economy, plans to expand financial ties with the United Kingdom as part of a bilateral drive to deepen trade and economic ties.

The state-run Saudi News Agency reports that the government has authorized Finance Minister Mohammed al-Jadan to discuss the creation of an initial agreement with the British Treasury to “strengthen cooperation in the areas of improving finance and public financial services”. Cabinet Report Tuesday.

According to Vasin, the approved agreement was signed and the Ministry of Finance was ordered to “complete the legal process”.

Since leaving the EU in late 2020, Britain has sought deeper economic ties with the six-member Gulf Economic Community. Britain already has close strategic and security ties with the Gulf states and wants to increase its trade with the GCC, which will reach 30 billion ($ 40.54 billion) by 2020.

Following a meeting of UK foreign ministers in December, the two sides noted that the two countries would “pave the way for a new era” of economic relations.

Substantial talks on a free trade agreement are expected to begin this year, after a meeting with British Foreign Secretary Liz Truss at Seven House in Kent, who described the deal as a “win-win”.

The trade agreement with the EU expires at the end of 2022, but in terms of the number of participating countries, London has not ruled out bilateral agreements, especially with close allies such as the UAE and Saudi Arabia.

Updated: January 4, 2022, 2:52 pm