Trade deals with Gulf states a 'priority', says UK minister at investment summit

As 300 leaders worldwide came together for the annual International Investment Summit in the UK, one of the nation's ministers said securing trade deals with India and Gulf nations was "the priority" for the government.

"The Gulf and India are the priority," Business and Trade Minister Jonathan Reynolds said at the summit at London's Guildhall.

"I think there are clear economic and commercial reasons why we should pursue those."

The minister visited the Gulf for initial talks with members of the Gulf Cooperation Council (GCC), which includes Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain, and Oman.

Reynolds visited Saudi Arabia to relaunch negotiations on a trade deal with the GCC.

Speaking to CNBC, the minister said that negotiations would reconvene "very soon – maybe as soon as next week," while talks with India are also a priority.

Reynolds said the government's role was to "re-establish the authority for those trade talks" and continue and expand on the previous government's work.

After Brexit, the Gulf states pressed the UK Government for a post-Brexit Trade agreement.

Under the then-conservative government led by Boris Johnson, Britain launched trade talks with the GCC that could reduce or remove tariffs on UK food and drinks exports to the region.

The talks were part of a set of negotiations aimed at increasing non-EU ties after Brexit, including with India.

Following the first round of talks, Bahrain announced plans to invest £1 billion in the UK as a preliminary move to strengthen ties in relation to financial services as part of a potential new trade deal.

In May 2024, Saudi Arabia and the United Kingdom hosted a joint investment summit. Over 450 British representatives, including British Airways and HSBC, attended.

The annual International Investment Summit in the United Kingdom raised a record-breaking £63 billion of pledges and nearly 38,000 jobs for the nation.