Britain will start first step of trade negotiations with Gulf countries
October 8, 2021, 12:20 am

Britain will start first step of trade negotiations with Gulf countries

UK-Westminster-London/Pixabay

The Today Online reported according to Reuters, Britain will on Friday take its first step towards trade negotiations with the six-country Gulf Cooperation Council (GCC), asking British businesses what they want an agreement to cover.

Trade minister Anne-Marie Trevelyan is targeting a deal with the GCC - Saudi Arabia, the United Arab Emirates, Oman, Qatar, Kuwait and Bahrain - as she looks to build new ties around the world following Britain's exit from the European Union.

On Friday, Trevelyan will launch a 14-week consultation, calling on the public and businesses to share their views on what a deal should look like. She will also meet representatives of the GCC in London.

Gulf Cooperation Council/Pixabay

She said in a statement: "We want a modern, comprehensive agreement that breaks down trade barriers to a huge food and drink market and in areas like digital trade and renewable energy which will deliver well-paid jobs in all parts of the UK.”

A deal would be an advance on the relations Britain had as an EU member: The EU meets the GCC annually to build economic cooperation and develop closer trade and investment ties, but 18-year negotiations over a trade deal stalled in 2008.

The GCC has not implemented a free trade deal since 2015 and Britain did not set out a timetable for negotiations.

Britain already has close strategic and military ties with the gulf countries, and trade with the region was worth more than 30 billion pounds in 2020.

However, the pursuit of a formal trade deal could reignite political concerns over who post-Brexit Britain is seeking to do more business with.

Source: todayonline

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has announced its sponsorship of the “Innovation and Sustainable Technology Solutions Competition (GU - IST Solutions), hosted by Gulf University at its main campus.
This strategic sponsorship reflects BENEFIT’s active role in advancing technological innovation and fostering sustainable solutions to future challenges. It also seeks to empower Bahraini youth by enhancing their skills, capabilities, and competitiveness in innovation and solution development—contributing meaningfully to the broader goals of sustainable development across all sectors.
As part of BENEFIT’s active involvement in the competition, the company has announced that Hanan Abdulla Hasan, Senior Manager of Public Relations and Communication, will serve on the competition’s supervisory committee. Her upcoming participation reflects BENEFIT’s forward-looking commitment to championing academic and professional excellence.
Commenting on the occasion, Hanan Abdulla Hasan, Senior Manager of Public Relations and Communication at BENEFIT, said, “We are privileged to support this pioneering initiative, which aligns seamlessly with BENEFIT’s enduring commitment to fostering innovation and nurturing the potential of Bahrain’s youth. Our participation is rooted in a deep sense of social responsibility and a firm belief in the pivotal role of innovation in shaping a sustainable future. Through such platforms, we seek to empower the next generation with the knowledge, skills, and foresight required to develop impactful solutions that address future challenges, in line with the United Nations Sustainable Development Goals 2030.”
Dr. Aseel Al Ayash Dean of the College of Engineering in Gulf University commented, “We extend our sincere gratitude to BENEFIT for their generous sponsorship and support of the Innovation and Sustainable Technology Solutions Competition. This contribution plays an instrumental role in helping us achieve the strategic goals of this initiative, namely, cultivating a culture of innovation and sustainability, encouraging efforts that address the imperatives of sustainable development, and enhancing the practical and professional capabilities of our students and participants.”
The event will bring together a diverse spectrum of participants, including secondary school students, university undergraduates, engineers, industry professionals, entrepreneurs, academic researchers, and subject matter experts representing a wide range of disciplines.
The competition seeks to inspire participants to develop and present innovative, sustainable technologies aimed at addressing pressing environmental, social, and economic challenges. It encourages the formulation of business models that integrate advanced technological solutions with core principles of sustainability. Moreover, it serves as a platform for emerging leaders, entrepreneurs, and innovators to contribute to the advancement of the Sustainable Development Goals, promote the ethos of responsible technology, and demonstrate its transformative potential across various sectors.
Attendees will have the opportunity to view a series of project presentations submitted by participants, covering diverse areas such as eco-friendly product design, smart and sustainable innovations, renewable energy technologies, water conservation and management, waste minimisation and recycling, green architectural solutions, and sustainable transportation systems. Outstanding projects will be formally recognised and awarded at the conclusion of the event.