Al-Marzouq: Necessity of transitioning the Gulf-British Free Trade Agreement from dialogue to implementation - Sarmad

(KUNA) – Kuwaiti Minister of State for Economic Affairs and Investment Abdulaziz Al-Murqoub stressed on Tuesday the necessity of moving the free trade agreement between the Gulf Cooperation Council (GCC) and the United Kingdom from the dialogue phase to implementation.

During his speech at the Gulf-British Strategic Dialogue conference, Al-Murqoub considered that making decisions at this critical juncture 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 free trade agreement between the UK and the GCC states was carried out with precision, and its completion would provide clarity and market access for companies on both sides, helping them advance their investment plans.

Al-Murqoub believed that the next phase of Gulf-British relations should be based on the history of their strong ties and contribute to building a deeper 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.

Al-Murqoub clarified that economic diversification in the GCC states continues to open new horizons for international partnerships, while Kuwait focuses 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 Ian Serwar called for the free trade agreement to enter the implementation phase without waiting for the completion of formal ratification procedures.

In a similar speech at the conference, he expressed his desire for the coming period to witness an intensification of actual projects and the building of new partnerships that translate political declarations of ambition into tangible achievements.

Serwar explained that there are many 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 the partnership between the Gulf states and the UK to jointly invest in third countries, rather than limiting efforts to bilateral investment opportunities, considering that this area could itself represent a “very large” opportunity to strengthen cooperation between the two sides.

Participants at the conference discussed several axes of economic relations and their development between the GCC states and the UK, including trade, investment, financial services, capital market investments, and digital economies.