Guernsey included in UK free trade agreement with six gulf states
- Guernsey included in UK-Gulf Cooperation Council free trade agreement covering goods and financial services
- Agreement strengthens trading position with six Gulf states: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and UAE
- States of Guernsey worked closely with UK to secure island's interests in negotiations
- Expected to support growth in financial and professional services sectors and create new business opportunities
- Part of wider strategy to reduce barriers and enable Guernsey businesses to access global markets
Guernsey has been included in a free trade agreement between the United Kingdom and the Gulf Cooperation Council.
The GCC comprises six member states: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.
The UK has said the deal will be worth £3.7bn to its economy, removing an estimated £580m annually in tariffs.
The agreement covers both goods and key elements relating to financial services, providing Guernsey businesses with enhanced access to one of the world's fastest-growing economic regions.
The States and its partners worked with the UK Government to ensure the island's interests were represented.
Deputy Rhona Humphreys, Trade Lead for Economic Development, said: "The Middle East is an important partner for Guernsey's economy, with strong existing links across financial and professional services. This agreement provides a valuable platform to deepen those relationships further."
She added: "Securing inclusion in both goods and services from the outset supports our ambition to ensure Guernsey businesses can continue to compete successfully in growing global markets."
William Mason, Director General of the Guernsey Financial Services Commission, said: "The conclusion of this agreement, alongside Guernsey's participation in the UK-GCC framework, represents a significant step forward in strengthening stability and certainty for businesses operating across the Gulf region, including in financial services."
Mr Mason highlighted the GFSC's existing relationships with Gulf State regulators, stating: "The GFSC has longstanding relationships with a number of Gulf State regulators, and this development further enhances confidence in Guernsey as a secure and reliable jurisdiction, supporting continued access and long-term business growth."
UK Prime Minister Sir Keir Starmer said working people "will feel the benefits in the years ahead through higher wages and more opportunities".
Business and Trade Secretary Peter Kyle said: "At a time of increased instability, today's announcement sends a clear signal of confidence – giving UK exporters the certainty they need to plan ahead."
Rights group Trade Justice Movement has said the deal "poses serious risks to human rights, labour protections, and climate action".
It has raised concerns about the GCC's record of restricting press freedom, using the death penalty, and being high producers of greenhouse gas emissions because of their six countries' oil industries.
Q&A
Q: Which countries are included in the Gulf Cooperation Council?
A: The GCC comprises six member states: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.
Q: What aspects of trade does the agreement cover for Guernsey?
A: The agreement includes Guernsey for goods and key elements relating to financial services.
Q: How was Guernsey's inclusion in the agreement secured?
A: The States of Guernsey and its partners worked closely with the UK Government to ensure the island's interests were represented throughout the negotiations.
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