London:Jasem Mohamed Albudaiwi, Secretary-General of the Gulf Cooperation Council (GCC), has highlighted the deep-rooted relations between the GCC states and the United Kingdom, emphasizing their longstanding cooperation, trust, and shared interests. This foundation supports an exceptional economic and trade partnership between the two regions.
According to Bahrain News Agency, Albudaiwi's remarks were made during the GCC-UK Strategic Dialogue in London, attended by ministers, officials, business leaders, and investors. He articulated the significance of the economic partnership, which aligns the GCC's development ambitions with the UK's expertise, especially amidst global economic changes and geopolitical developments that challenge trade and investment.
Albudaiwi underscored the importance of enhancing economic partnerships to foster growth and stability. He noted the GCC's economic strength, with a combined GDP of approximately USD 2.4 trillion and total foreign trade exceeding USD 1.8 trillion, ranking it among the world's top ten economies.
Highlighting advancements in smart city development and sustainable urban planning, Albudaiwi pointed out the GCC's use of technologies to optimize urban management and energy consumption. He emphasized the region's commitment to cybersecurity and digital economy confidence, creating opportunities for innovation and attracting global technology companies.
Trade between the GCC and the UK reached around USD 70 billion in 2025, with investment assets and liabilities totaling approximately USD 643 billion in 2024. The recent completion of negotiations on a GCC-UK Free Trade Agreement marks a strategic step in strengthening economic ties, eliminating customs duties on over 99% of GCC exports to the UK and enhancing non-oil exports.
The agreement also aims to position the GCC as a global logistics hub, benefiting small and medium-sized enterprises by improving their access to the UK market. Albudaiwi emphasized that beyond trade, the FTA lays a foundation for long-term economic partnerships, enhancing competitiveness in sectors like advanced manufacturing, the digital economy, clean energy, and education.
Concluding his remarks, Albudaiwi said the FTA is a milestone in GCC-UK relations, with its success measured by joint projects and economic opportunities it creates. The strategic dialogue serves as a platform for furthering these partnerships.