UK Eyes Free Trade Agreement With GCC Countries In Future, UK Minister Tells WAM
Faizan Hashmi Published February 10, 2019 | 06:15 PM
by Hatem Hussein DUBAI, (UrduPoint / Pakistan Point News / WAM - 10th Feb, 2019) Rt Hon Liam Fox, UK Secretary of State for International Trade, has said that the UK enjoys strong trading relations with GCC countries and is looking forward to have a free trade agreement with the bloc in the right time.
He also said that the World Government Summit is very indicative of the UAE getting increasingly outward looking.
"It is yet a new enforcement use of the Papal visit which I think has sent a very strong message about tolerance. And this Summit comes to send a very good message about governance and the importance of good governance," Rt Hon Liam Fox told the Emirates news Agency, WAM, on the sidelines of the 7th World Government Summit, which started earlier today in Dubai.
Fox underlined the central importance the UK is paying to its relations with the UAE in particular and the GCC region in general, particularly after Brexit, refuting all claims that the Brexit may have a negative impact on the investment environment in Britain.
"Notwithstanding the political issues surrounding Brexit, last year we have a 20 percent increase in FDI only behind China and US and ahead of any other EU country. This is because our fundamentals are very strong and we have the highest level of employment we have ever had. There is a lot of confidence in the UK economy and we are going to continue to find more partners around the world," the minister said.
Fox noted that UAE is a key partner for UK. "We need to have a deeper strategic relationship. It should not only be about selling and buying but about being partners.
"We are looking forward to addressing the common problems and having collective solutions. We are looking forward to having effective partnerships in areas of InfoTech, AI and life sciences as well as making use of UK expertise in education, skills and vocational training."
He added that there is a room for further improvement in relations in areas like services, manufacturing, Fintech.
"We don’t see it as a transactional economic activity but rather as a partnership for the future. We don’t see the UAE as a single country but rather as a bridge to a wider market.
On the global scene, the minister attributed that current downgraded global growth rates to the economic slowdown in China.
"Chinese imports fell by 8 percent in the last quarter, which has had a big impact on the exports of other world countries like Germany for example. The trade tension between China and US has a big impact. We need to improve the trading environment Global economy is facing headwinds this year that it did not face last year. In a very inter-dependent economy, one shock in one part is going to affect other parts of the world."
Related Topics
Recent Stories
Israel carries out attack inside Iran, report US media
Saudi Assistant Minister of Defence calls on army chief
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 19 April 2024
Today Gold Rate in Pakistan 19 April 2024
Rock-solid Ruud racks up season-leading win in Barcelona
At UN, Iran says it will make Israel 'regret' reprisals
G7 hears calls for 'critical' Ukraine aid
EU seeks to leverage might to confront China, US challenge
5 Customs officials martyred as their vehicle ambushed by terrorists in D I Khan
Pak-New Zealand match called off due to rain
NHA restores traffic on roads affected by recent rains in Balochistan
China to fully support Pakistan's efforts against terrorism: Ambassador Jiang
More Stories From Middle East
-
UAE announces ‘Zero Bureaucracy Program’ to reduce bureaucracy
3 months ago -
COP28 President-Designate welcomes Transitional Committee agreement to operationalise Loss and Damag ..
6 months ago -
Global Media Congress 2023 to feature Co-Production Majlis as a new networking platform
6 months ago -
Young female athletes shine at Abu Dhabi World Youth Jiu-Jitsu Championship
6 months ago -
King of Jordan receives Abdullah bin Zayed and ministers participating in Arab coordination meeting
6 months ago -
Abdullah bin Zayed participates in coordination meeting of Arab foreign ministers, joint meeting wit ..
6 months ago
-
3rd annual conference of Emirates Society of Clinical Microbiology kicks off in Dubai
6 months ago -
SIBF 2023 hosts Nobel laureate to discuss emergence of ‘Afrofuturism’ in global discourse
6 months ago -
ALC announces winners of Kanz Al Jeel Award 2023
6 months ago -
SIBF turns spotlight on remarkable contributions of women
6 months ago -
Global assets in spot bitcoin ETFs hit $4.16 billion
6 months ago -
Rescuers struggle to find Nepal quake survivors as deaths reach 157
6 months ago