Minister of Economic Affairs and Investment: Necessity of moving Gulf free trade with the UK to the implementation stage

London, October 20 (KUNA) -- Kuwait’s Minister of State for Economic Affairs and Investment, Abdulaziz Al-Marzouq, stressed on Tuesday the need to move the free trade agreement (FTA) between the Gulf Cooperation Council (GCC) and the United Kingdom from the dialogue phase to implementation.

Speaking at the Gulf-British Strategic Dialogue conference, Al-Marzouq said that taking decisions at this pivotal stage is “of paramount importance,” as it is the means to convert opportunities into projects, partnerships, and tangible, measurable economic value. He noted that the preparation of the FTA between the UK and the GCC states was carried out with precision, and its completion would provide companies on both sides with clarity and market access, helping them advance their investment plans.

Al-Marzouq added that the next phase of Gulf-British relations should be built on the history of strong ties between the two sides and contribute to deepening a partnership in trade, investment, technology, infrastructure, financial services, and advanced industries, alongside areas of shared priority. He also pointed out that the global investment landscape is undergoing rapid changes, as investors no longer look solely at market size but also seek stability, policy clarity, connectivity, innovation, and long-term opportunities.

He explained that economic diversification in the GCC states continues to open new horizons for international partnerships. Kuwait, for its part, is focusing on attracting high-quality investments that contribute to sustainable growth, support innovation, create high-value jobs, and enhance the role of the private sector.

For his part, UK Minister of State for Trade Policy, Anas Sarwar, called for the FTA to enter the implementation phase without waiting for the completion of formal ratification procedures. In a similar address at the conference, he expressed his desire for the coming period to see an intensification of concrete projects and the building of new partnerships that translate political declarations of ambition into tangible achievements.

Sarwar noted that there are several areas offering “promising” opportunities for cooperation, such as the aviation sector, which is witnessing massive expansion in the Gulf region, as well as financial and legal services. In this regard, he indicated his interest in exploring the idea of enhancing Gulf-UK partnership for joint investment in third countries, rather than limiting cooperation to bilateral investment opportunities, considering this area could represent a “very large” opportunity to strengthen cooperation between the two sides.

Participants at the conference discussed several key topics in economic relations and their development between the GCC states and the UK, including trade, investment, financial services, capital market investments, and digital economies. (End) M.R.N./A.S.H./N.A.A.