UAE-UK trade hits $30 billion as GCC free trade talks conclude

Trade between the UAE and the United Kingdom reached $30.2 billion (Dh111 billion) in the four quarters leading to Q1 2024, an increase of 6.2 per cent over the previous year. The growth comes as negotiations for a Free Trade Agreement (FTA) between the UK and the Gulf Cooperation Council (GCC) reached their final stages on Monday, 3 August. Official data from the UK Department for Business and Trade confirms the UAE remains Britain’s 19th largest trading partner globally, accounting for 1.6 per cent of total UK trade. Services dominated the exchange, representing $18.5 billion of the total volume, while goods trade accounted for $11.7 billion. UAE exports to the UK grew by 8.4 per cent to $14.1 billion during the period. Infrastructure and Energy Drive Growth The trade surplus favoured the UK by $2.0 billion, driven largely by exports of refined oil, cars, and jewellery. Key UAE exports to the UK included crude oil, mechanical generators, and non-ferrous metals. The increase in volume follows the latest round of FTA discussions held in London, where negotiators worked to eliminate tariffs on over 90 per cent of traded goods. The conclusion of these talks matters because a finalized UK-GCC FTA is projected to increase trade by 16 per cent across the bloc. For UAE businesses, this means reduced barriers for professional services and lower costs for energy-related exports. The agreement is a priority for the new UK administration as it seeks to diversify economic ties outside…