London: Shaikh Fawaz bin Mohammed Al Khalifa, Bahrain's Ambassador to the United Kingdom, participated in a seminar organized by the Middle East Association to emphasize the significance of the free trade agreement between the Gulf Cooperation Council (GCC) and the United Kingdom. The event featured notable figures such as Lord Leicester from the UK House of Lords, and Jack Morton Burt from the UK Department for Business and Trade, and was moderated by Nicholas Hopton, the association's Director General.
According to Bahrain News Agency, Shaikh Fawaz bin Mohammed highlighted that the agreement is designed to foster development and trade exchange for mutual benefit, aligning with the visions of GCC leaders. He praised the recent official visit of His Royal Highness Prince Salman bin Hamad Al Khalifa to London, where Bahrain and the UK signed their second Strategic Investment and Collaboration Partnership. This agreement focuses on driving economic growth and job creation in both countries, particularly in sectors like financial services, technology, and industry. It also supports carbon reduction initiatives with a £2 billion investment by the Bahraini private sector in the UK, following a previous £1 billion investment.
During the visit, a defence cooperation agreement was also signed, aiming to enhance regional peace and coordination, joint training, and strengthen naval partnerships. Shaikh Fawaz pointed out Bahrain's favorable investment environment, which boasts skilled national talent, flexible legislation, and a strategic location in the Gulf. He also mentioned that the Bahrain Logistics Zone enhances these advantages and that the free trade agreement would make Bahrain more attractive to British investors.
The ambassador noted that negotiations on the free trade agreement, which have involved eight rounds of talks between Riyadh and London, are at an advanced stage. He expressed optimism that the agreement would be a turning point in GCC-UK economic relations, focusing on sectors such as technology, digital economy, life sciences, creative industries, education, artificial intelligence, financial services, and renewable energy.
Lord Leicester acknowledged the strong ties between Bahrain, the GCC, and the UK, stating that the free trade agreement would increase trade volume and investment, benefiting from the region's economic strengths and educated workforce. Jack Morton Burt highlighted the GCC's importance to the UK economy and mentioned that the agreement would enhance trade, investment, and technology cooperation, acknowledging the significant efforts of the negotiating teams to progress on key issues.