London, October 20 (QNA) - The total trade volume between the GCC states and the UK reached approximately USD 70 billion in 2025, making the GCC states collectively the UK's tenth-largest trading partner, said Secretary-General of the Gulf Cooperation Council (GCC) Jasem Mohamed Albudaiwi, addressing the opening of the economic forum between the GCC states and the UK in London on Tuesday.

Albudaiwi explained that the total value of investment assets and liabilities between the UK and the GCC reached approximately USD 643 billion in 2024, underscoring the depth of financial and investment ties between both sides. He pointed out that these figures and facts demonstrate the strength of GCC-UK economic relations and their substantial potential for further growth and expansion.

The combined Gross Domestic Product (GDP) of the GCC states reached roughly USD 2.4 trillion, placing them collectively among the world’s ten largest economies, the GCC chief noted, adding that the overall foreign trade of the GCC states surpassed USD 1.8 trillion, ranking them collectively fifth globally.

Albudaiwi continued that these economic strengths, coupled with the high-end infrastructure and strategic location of the GCC states, which connect global markets, have elevated their attractiveness as reliable international economic and trading partners.

The GCC-UK relationship is founded on a long-standing history of cooperation, trust, and shared interests, which has contributed to exploring and establishing an incredible economic and trade partnership between the two sides, he underlined.

He stated that the conclusion of negotiations on the GCC-UK Free Trade Agreement (FTA) represents a strategic step toward building on these relations, establishing a broader framework to facilitate trade, encourage investment, and create new opportunities for the private sector.

  Albudaiwi noted that the conclusion of the FTA negotiations is an outgrowth of sustained combined efforts and intensive negotiations that culminated in a comprehensive agreement covering a broad range of areas of mutual interest.

Among the most significant expected benefits of this agreement is the elimination of customs duties on more than 99 percent of GCC exports to the UK, which will unlock further prospects for increasing non-oil exports, particularly in the aluminum, fertilizer, and manufacturing sectors, the Secretary-General noted.

He asserted that the pact also provides opportunities to bolster the GCC's position as a global hub for logistics and re-exports, while enabling small and medium-sized enterprises to expand their operations and increase their access to the British market.

He emphasized that these advantages will help elevate bilateral trade and investment flows and deepen economic connectivity between the two sides. (QNA)