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The UAE is the Gulf countries’ gateway to a trade deal with Britain

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Oxford Business Group “Oxford Business Group” said that the UAE has opened the way for member states of the Gulf Cooperation Council to conclude trade and investment agreements.

The group asked on its website, “In what sectors would the Gulf Cooperation Council countries benefit from a trade deal with Britain?” published a statement titled

According to the report, the countries of the Gulf Cooperation Council have already officially started negotiations with the UK with a view to concluding a free trade agreement between the two parties.

When the “Sovereign Investment Partnership Agreement” with the United Kingdom was concluded in March last year, the report confirmed that the UAE had opened the way for the GCC countries to terminate the agreement. The investment company “Mupadala” was represented by the United Kingdom Investment Office. The statement said Mubadala would invest 800 million pounds ($959 million) under the deal in Britain’s biotech sector over the five years following the deal’s date.

The report described the agreement between Mubadala and the Office of Investment as a precursor to the current trend of GCC countries to enter into a free trade agreement with Britain, which is reflected in the ongoing negotiations between the two parties.

This trend by GCC states to enhance trade and investment cooperation with the UK comes against the backdrop of efforts to attract more foreign investment from several international parties to serve their economic diversification plans, the report added. and reduce their economies’ dependence on oil revenues.

The final agreement, if concluded between the two parties, is expected to enhance the global trade presence of the GCC countries and boost their renewable energy and food security sectors, the report said.

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