External Relations Minister Ian Gorst tells Emily Moore about a history-making free trade agreement, which will soon come into effect
WHEN you think of significant wins recently, thoughts may well turn to World Cup winners Spain or to Jannik Sinner, who reclaimed his Wimbledon title earlier this month.
But while there may not have been any silverware involved, Jersey has recently recorded a “major win” of its own, this time in the form of a history-making free trade agreement between the Island and the Gulf Co-operation Council.
“This is the first free trade agreement in which Jersey has been included not only for goods but also for services, something which is really important because we made the case to the UK and our partners that while goods were key in the 70s, our economy is now very different and while goods are still important, services are now the bedrock of our economy,” explained External Relations Minister Ian Gorst.
“Because we provide those services globally, having services included in free trade agreements in the future, and particularly in the GCC countries with whom we already have good working relationships, makes absolute sense.”
Describing the agreement as a “really exciting change”, the recently re-elected politician added: “The agreement will give Jersey businesses access to a full range of trading benefits with six Gulf states – Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE – which have a combined GDP of £1.8 trillion. Jersey already has deep and well-established financial links with the Gulf and, taken together, the GCC countries were Jersey’s seventh-largest financial partner in 2025, with total inward financial flows valued at £9.7bn and outward financial flows at £6.1bn in that year.
“This agreement strengthens those relationships, bringing certainty and greater opportunity both for Jersey firms already operating in those countries and for GCC clients using the Island.”
This, Senator Gorst adds, is particularly significant, as the Island recognised, through its Time To Win programme, the need to “secure Jersey’s competitive edge in financial and related professional services”.
“Jersey has been an international finance centre for more than 60 years and, over that time, we have seen lots of other places look at their potential to create finance centres that can deliver economic growth. That means that there are a lot more competitors now than there were six decades ago,” he said.
“And the world of competition is changing because the way people interact with their financial service providers is changing. Where we used to visit a branch on the high street, now we use a banking app, and that is reflected in the way in which businesses and wealthy individuals interact with financial services. Therefore, we have to respond and be part of that change. We cannot stand still when it comes to competitiveness, and strengthening relationships globally and building partnerships is a key part of that work.”
While the drive to remain competitive focuses on areas such as tokenisation, digitisation and the opportunities to use technology to reduce bureaucracy, Senator Gorst says that there are three key changes needed to build on the “strong foundations” already in place.
“At government level, we need to make sure our functions are working together, that we are co-ordinating intelligence and responding quickly to any policy or legislative changes,” he said.
“Meanwhile, Jersey Finance, which has done some great work over the years, needs to focus much more on promotion. Time To Win talks about the continuing opportunities in the Middle East but there are also opportunities in the US, Far East and Europe, and Jersey Finance has to think about how we market ourselves as a jurisdiction in those areas.
“The third element revolves around the regulator, and the work the Jersey Financial Services Commission is doing to enhance speed to market and certainty through a proportionate, risk-based approach.
“As well as working on the use of digital assets and diversifying financial services, that also includes looking at how we make areas such as KYC less bureaucratic and more seamless.”
While the free trade agreement with the GCC is still to be ratified, a process which Senator Gorst expects to be carried out “relatively quickly”, another deal came into effect last week.
The UK-India Comprehensive Economic and Trade Agreement is, says Senator Gorst, another “landmark free trade deal designed to double bilateral trade and boost both economies, by eliminating or significantly reducing tariffs on trade in goods and services and establishing a deeper strategic and economic partnership”.
“India’s economy is growing fast, and the country’s influence across the world is growing, and being included in this free trade agreement shows that Jersey has a role to play in facilitating trade between the UK and India,” he said.
“While we have had limited market penetration into India in the past, this agreement will help us to build that relationship more strongly, while opening doors for greater access. This is particularly significant for financial services, as the Island can support cross-border investment flows between India and the UK.”
And it is not just India and the GCC where the Island is focused on strengthening relationships and building trade opportunities.
“As well as our ongoing programme of negotiating bilateral investment treaties and double taxation agreements, we are part of the UK’s efforts to strengthen its free trade agreements with other countries, and are negotiating right now with Turkey and Switzerland,” said Senator Gorst.
While financial services may sit at the heart of many of these agreements, the minister stresses that there are opportunities for several businesses to benefit from such deals.
“While relationships with the GCC have historically focused on financial and professional services, this is a very sophisticated market which appreciates high-quality products, something which is at the centre of everything Jersey does from finance to potatoes, dairy and shellfish,” he added.
“It is therefore important to remember that these free-trade negotiations are not just about facilitating global investment flows. There are opportunities for any Jersey business, particularly those in agriculture and fisheries, that wants to grow its market share to speak to my officials and tap into that potential.
“Jersey offers tremendous quality and strength across its industries, and these agreements show that we are open for business.”
