The Gulf Cooperation Council and the United Kingdom signed a free-trade agreement (FTA) that, according to some estimates, could add $5 billion per year to the U.K. economy over the long term, the Financial Times reported May 20. Under the terms of the deal, the GCC will immediately remove around 66% of tariffs on U.K. products (including on food exports, medical equipment and advanced technologies), before eventually lifting about 93% of the GCC's total tariffs on the United Kingdom over the next ten years.

The GCC and the United Kingdom launched discussions on a free trade agreement in 2022. The GCC also has trade agreements with Singapore, the European Free Trade Association and South Korea.