JERSEY businesses are set to gain preferential access to Gulf markets after the Island was included in the Free Trade Agreement between the United Kingdom and the Gulf Cooperation Council.
The agreement will cover both goods and services, making it the first UK-negotiated FTA to include Jersey in both areas from the outset.
The GCC — comprising Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Oman and Bahrain — is described as one of Jersey’s most important overseas markets, particularly for the Island’s financial and professional services sector.
Government officials said the agreement would provide clearer and more predictable rules for Jersey firms delivering financial, legal and professional expertise in GCC markets, while also creating preferential opportunities for local service providers.
The deal will also allow Jersey goods to benefit from the phased removal of tariffs, opening up new opportunities for local producers in a region with strong demand for premium goods.
The GCC region has more than 50 million consumers and a combined GDP of more than £2.3 trillion.
