economy
UK Announces 'Historic' Trade Deal with Gulf States in G7 First
The U.K. is the first G7 country to secure a trade agreement with the GCC.
TL;DR
- The U.K. has secured a 'historic' trade deal with the Gulf states, the first such agreement by a G7 nation.
- The deal is expected to boost the U.K. economy by £3.7 billion annually and increase wages by £1.9 billion in the long run.
- It will remove an estimated £580 million in duties per year once fully implemented.
- Goods such as cereals, cheddar cheese, chocolate, and butter are expected to become tariff-free.
- This is the fifth major trade agreement under the current U.K. government.