The UK has become the first G7 country to agree a trade deal with the Gulf Cooperation Council (GCC) – which the government estimates could boost the UK economy by £3.7bn every year.
The deal was announced on May 20, and Raj Pahuja, a Partner in our Commercial Law team and Joint Head of HCR’s Middle East hub, lent his support to the official government announcement.
Raj has worked across the Middle East for more than a decade advising on corporate and commercial law.
He said: “The UK GCC Free Trade Agreement (FTA) marks a landmark moment for UK businesses and the Gulf region. As the most significant agreement of its kind in Europe with the GCC, it opens the door to substantial new opportunities across key sectors and has the potential to drive major commercial growth.
“We look forward to supporting our clients as they navigate this new landscape and maximise the benefits of the agreement.”
The GCC comprises the Kingdom of Bahrain, the State of Kuwait, the Sultanate of Oman, the State of Qatar, the Kingdom of Saudi Arabia, and the United Arab Emirates (UAE).
He added: “The FTA will lock in valuable legal certainty for UK businesses operating across sectors, improving regulatory transparency and efficiency.”
Author: Raj Pahuja of HCR Legal LLP