The UK signed a long-awaited free trade agreement with the oil-rich Gulf states on Wednesday that will remove tariffs on food exports, medical equipment and advanced technology.
The British government estimated that the deal, which provides some rare positive news for Sir Keir Starmer, the under-fire prime minister, could boost the UK economy by up to £3.7bn a year “in the long run”. That is equivalent to about 0.1 per cent of GDP.
The agreement with the Gulf Cooperation Council — a regional bloc that includes Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Bahrain and Oman — follows about two years of tortuous negotiations.
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