Jersey and Guernsey included in UK-Gulf trade deal

Jersey and Guernsey have been included in a new trade deal between the UK and Middle Eastern nations.

Both government's said they had been included in the Free Trade Agreement (FTA), with the Gulf Cooperation Council (GCC), giving businesses "preferential access" to overseas markets and making it easier and cheaper to trade with the islands.

Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE are all members of the GCC.

Jersey's government said the GCC had become an "increasingly significant market" for its financial and related professional services sector while leaders in Guernsey said the deal would be a "valuable platform".

The agreement will come into force once all parties have agreed on Jersey and Guernsey's "ability to comply with the FTA".

Jersey's government said: "Investment flows between Jersey and the region are already significant and well-established - the GCC region has more than 50 million consumers and a combined GDP exceeding £2.3 trillion.

"It will be the first UK-negotiated FTA for which Jersey will be included for both goods and services provisions from the outset."

Deputy Rhona Humphreys, Trade Lead for Guernsey's Committee for Economic Development, said the Middle East was "an important partner" for the island's economy.

She said: "This agreement provides a valuable platform to deepen those relationships further.

"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."

Jersey's government said the FTA would provide "clearer, predictable rules for Jersey firms delivering financial, legal and professional expertise in GCC markets".

Both island's said the FTA would also ensure goods could benefit from the phased removal of tariffs, meaning it would face fewer or no extra taxes.

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