UK Chief Negotiator: We Completed Very Productive Round of Free Trade Negotiations with Gulf Countries

UK Chief Negotiator for the UK-GCC Free Trade Agreement (FTA) Tom Wintle meets with GCC Chief Negotiator, Dr. Raja bin Manahi Al Marzouqi. (Asharq Al-Awsat)
UK Chief Negotiator for the UK-GCC Free Trade Agreement (FTA) Tom Wintle meets with GCC Chief Negotiator, Dr. Raja bin Manahi Al Marzouqi. (Asharq Al-Awsat)
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UK Chief Negotiator: We Completed Very Productive Round of Free Trade Negotiations with Gulf Countries

UK Chief Negotiator for the UK-GCC Free Trade Agreement (FTA) Tom Wintle meets with GCC Chief Negotiator, Dr. Raja bin Manahi Al Marzouqi. (Asharq Al-Awsat)
UK Chief Negotiator for the UK-GCC Free Trade Agreement (FTA) Tom Wintle meets with GCC Chief Negotiator, Dr. Raja bin Manahi Al Marzouqi. (Asharq Al-Awsat)

UK Chief Negotiator for the UK-Gulf Cooperation Council Free Trade Agreement (FTA) Tom Wintle revealed that they have completed a “very productive two-week round of negotiations.”

In an interview to Asharq Al-Awsat on the sidelines of his visit to the Gulf, he added: “Our next milestone is Round 5, which will be held in Riyadh later this year.”

Asked about the expected timeline to sign the FTA between the UK and the Gulf, he replied: “This is the question I get asked most often! Businesses and investors naturally want to access the benefits of the FTA as soon as possible.”

“However, it’s important that we get the deal right to get maximum benefits for everyone. So, whilst negotiations are progressing well, and we want to progress at pace, we have to be clear that there is no set deadline, and we cannot rush the process.”

Historic ties

“The UK and the GCC share strong historic ties and we are among each other's top trading partners. Trade between the UK and GCC has bounced back strongly since Covid and is now at record levels, worth £61.3 billion last year,” continued Wintle.

“We also have a strong investment partnership. The UK is a top six investor in the GCC with £31 billion invested in new projects over the last 20 years.”

Joint objectives

“As the UK’s Chief Negotiator, I am seeking to negotiate a UK-GCC free trade agreement that strengthens our trade and investment partnership. This would be a significant moment in the UK-GCC relationship,” he stressed.

“A free trade agreement will be mutually beneficial for the UK and GCC. UK Government analysis shows that a deal could boost UK-GCC trade by 16%, growing all of our economies and supporting jobs,” he remarked.

“The more ambitious the trade deal, the greater the gains for both the UK and GCC. It really is a win-win scenario.”

Business leaders and investors

Assessing his visit to the Gulf and where the FTA talks have reached, Wintle said: “Throughout the course of negotiations, I have had the pleasure of working with your excellent trade negotiators and have had some fantastic experiences visiting Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE.”

“I have also had the pleasure of meeting many business leaders and investors to talk about how a trade deal could benefit them.”

“Our Business and Trade Secretary Kemi Badenoch, and Minister for Investment Lord Dominic Johnson – have also visited the region this year to support progressing the deal and meeting with their counterparts across the GCC,” he went on to say.

“I have been encouraged by the huge energy and optimism across the region. I see big opportunities for UK and GCC governments and businesses to work together to achieve our shared ambition,” he stressed.

Moreover, he noted that the fourth round of UK-GCC trade negotiations had just finished in London. “It was a pleasure to host more than 100 GCC negotiators. Talks are progressing very well,” he stated.

Added value

On the added value both sides can gain from the FTA, Wintle said: “The UK and GCC have genuinely complementary economies and a trade deal will strengthen supply chains between our businesses, helping to grow the industries that we are each specialized in.”

“A deal will help to form new commercial partnerships, supporting the GCC countries’ vision plans to drive private sector growth and achieve economic diversification. We see opportunities across a wide range of sectors including education, manufacturing, tech, financial services, life sciences and the creative industries.”

“By removing barriers and making it easier to do business with one another, the deal could add at least £2.8 billion to the combined UK and GCC economies in the long run,” revealed Wintle.

Helpful factors

On the factors that could help the agreement achieve the UK and Gulf's goals, he explained: “We have to be collaborative, open-minded, and ambitious in negotiations. The negotiation teams know each other well now and I know the GCC Chief Negotiator, Dr. Raja bin Manahi Al Marzouqi, shares this approach.”

“The UK and GCC teams have worked very closely together, and we share the same ambition. We want a win-win FTA that delivers for all our economies.”

‘A lot in common’

“The UK and GCC have a lot in common and we both want to strike an ambitious trade deal that increases trade and supports our businesses,” he noted.

“On some areas, it will always be difficult for six countries to agree a single approach. Our negotiation teams need to remain open-minded and work together to find solutions. There are many different ways to achieve our desired outcome and we’re working together to do that.”

Scope of the FTA

Asked about the scope of the FTA and if it includes all types of trade and services, Wintle replied: “We’re committed to negotiating a modern, comprehensive, and ambitious agreement that is fit for the 21st century. This would cover goods and services trade, as well as investment.”

“A deal would cut import tariffs, minimize the administrative burden on businesses, simplify regulations, provide greater access for services firms, and make it easier to invest in each other’s economies,” he said.

“Some of the world’s newest and most ambitious FTAs also help to foster innovation, promote digital trade, help SMEs, and support the clean energy transition. We’re also looking at areas such as these as part of a UK-GCC FTA.”

“The UK is committed to negotiating an FTA with the whole of the GCC and our priority is securing an ambitious agreement with all six GCC countries,” stressed Wintle.

Gulf role

Asked to assess the role played by Gulf countries in the world economy, he replied: “Within the global economy, the pace of the GCC countries’ economic transformation stands out. All the GCC member states have ambitious vision plans and the pace of change is remarkable.”

“The GCC is already one of the UK’s top trade and investment partners, and we see huge opportunities to strengthen this partnership even further through a UK-GCC FTA. I’m excited to see how these opportunities can become reality.”



Lagarde Dampens ECB Exit Talk, Expects to Finish her Term

FILE PHOTO: European Central Bank (ECB) President Christine Lagarde reacts during an address to the media after the ECB's Governing Council meeting, at the ECB headquarters in Frankfurt, Germany, December 18, 2025. REUTERS/Heiko Becker/File Photo
FILE PHOTO: European Central Bank (ECB) President Christine Lagarde reacts during an address to the media after the ECB's Governing Council meeting, at the ECB headquarters in Frankfurt, Germany, December 18, 2025. REUTERS/Heiko Becker/File Photo
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Lagarde Dampens ECB Exit Talk, Expects to Finish her Term

FILE PHOTO: European Central Bank (ECB) President Christine Lagarde reacts during an address to the media after the ECB's Governing Council meeting, at the ECB headquarters in Frankfurt, Germany, December 18, 2025. REUTERS/Heiko Becker/File Photo
FILE PHOTO: European Central Bank (ECB) President Christine Lagarde reacts during an address to the media after the ECB's Governing Council meeting, at the ECB headquarters in Frankfurt, Germany, December 18, 2025. REUTERS/Heiko Becker/File Photo

European Central Bank President Christine Lagarde has attempted to calm speculation about her stepping down early that has called into question the central bank's separation from politics, telling the Wall Street Journal she expects to complete her term.

Lagarde's status as leader of Europe's most important financial institution
was plunged into doubt this week after the Financial Times reported she planned to leave her job ahead of next spring's French presidential election, giving outgoing leader
Emmanuel Macron a say in picking her successor.

In an interview with the WSJ on Thursday, Lagarde dampened speculation about an imminent exit but still left the door slightly ajar to the possibility that she might leave before the end of her contract in October 2027.

“When I look back at all these years, I ‌think that we have ‌accomplished a lot, that I have accomplished a lot,” she told the ‌paper. “We ⁠need to consolidate ⁠and make sure that this is really solid and reliable. So my baseline is that it will take until the end of my term.”

Reuters exclusively reported that Lagarde had sent a private message to fellow policymakers reassuring them that she was still concentrating on her job and that they would hear it from her, rather than the press, if she wanted to step down.

The ECB has said that Lagarde has not made a decision about the end of her term, but stopped short of denying the FT report.

Some analysts thought an ⁠early exit risked tangling the ECB up in European politics as it could ‌give the impression of trying to make sure France's eurosceptic far ‌right, which could win next year's presidential vote, had no say in her succession.

Lagarde said last year she intended ‌to complete her term, a commitment she has conspicuously failed to repeat this week.

Bank of France Governor Francois ‌Villeroy de Galhau announced plans to step down from his job last week, in a move that gives President Macron a chance to pick the next French central bank chief, drawing sharp criticism from the far-right who called the move anti-democratic.

Villeroy's early departure and the confusion about Lagarde's future come just as US President Donald Trump is attacking the Federal Reserve, ‌further stoking debates about central bank independence from politics.

"After the recent events in the US, this is another reminder that although central banks are nominally ⁠independent, who leads them and ⁠their worldview is a matter for high politics," economists at Oxford Economics wrote on Friday.

As the head of the euro zone's second largest economy, the French president plays an important role in wider negotiations to select the head of the ECB.

Polls show either far-right National Rally leader Marine Le Pen, or her protege Jordan Bardella, could win the French presidency.

While the party has long dropped a call for France to leave the euro, it is still seen as something of an unknown quantity in central banking circles.

According to Reuters, Lagarde told the WSJ that she viewed her mission as price and financial stability, as well as "protecting the euro, making sure that it is solid and strong and fit for the future of Europe."

She also said that the World Economic Forum was "one of the many options" she was considering once she left the central bank.

When Lagarde's name first emerged as a possible candidate for ECB president in 2019, she said she had no interest in the job and would not leave the International Monetary Fund, where she was the managing director.


Stocks Drop, Oil Rises after Trump Iran Threat

Donald Trump has deployed warships, fighter jets and other military hardware to the Middle East as he puts pressure on Iran. Hannah Tross / US NAVY/AFP
Donald Trump has deployed warships, fighter jets and other military hardware to the Middle East as he puts pressure on Iran. Hannah Tross / US NAVY/AFP
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Stocks Drop, Oil Rises after Trump Iran Threat

Donald Trump has deployed warships, fighter jets and other military hardware to the Middle East as he puts pressure on Iran. Hannah Tross / US NAVY/AFP
Donald Trump has deployed warships, fighter jets and other military hardware to the Middle East as he puts pressure on Iran. Hannah Tross / US NAVY/AFP

Most Asia equities fell and oil prices rose on Friday after Donald Trump ratcheted up Middle East tensions by hinting at possible military strikes on Iran if it did not make a "meaningful deal" in nuclear talks.

The remarks fanned geopolitical concerns and cast a pall over a tentative rebound in markets following an AI-fueled sell-off this month.

Traders are also looking ahead to the release of US data later in the day that will provide a fresh snapshot of the world's top economy, said AFP.

A slew of forecast-beating figures over the past few days have lifted optimism about the outlook but tempered expectations for more interest rate cuts.

The US president told the inaugural meeting of the "Board of Peace", his initiative to secure stability in Gaza, that Tehran should make a deal.

"It's proven to be over the years not easy to make a meaningful deal with Iran. We have to make a meaningful deal otherwise bad things happen," he said, as he deployed warships, fighter jets and other military hardware to the region.

He warned that Washington "may have to take it a step further" without any agreement, adding: "You're going to be finding out over the next probably 10 days."

Israeli Prime Minister Benjamin Netanyahu earlier warned: "If the ayatollahs make a mistake and attack us, they will receive a response they cannot even imagine."

The threats come days after the United States and Iran held a second round of Omani-mediated talks in Geneva as Washington looks to prevent the country from getting a nuclear bomb, which Tehran says it is not pursuing.

The prospect of a conflict in the crude-rich Middle East has sent oil prices surging this week, and they extended the gains Friday to sit at their highest levels since June.

Equity traders were also spooked.

Hong Kong fell as it reopened from a three-day break, while Tokyo, Sydney, Wellington and Bangkok were also down. However, Seoul continued to rally to a fresh record thanks to more tech buying, with Singapore, Manila and Mumbai also up.

City Index market analyst Matt Simpson said a strike was not certain.

"At its core, this looks like pressure and leverage rather than a prelude to invasion," he wrote.

"The US is pairing military readiness with stalled nuclear negotiations, signaling it has credible strike options if talks fail. That doesn't automatically translate into boots on the ground or a regime-change campaign.

"While military assets dominate headlines, diplomacy is still in motion. The fact talks are continuing at all suggests both sides are still probing for a diplomatic off-ramp before tensions harden further."

Shares in Jakarta slipped even after Trump and Indonesian President Prabowo Subianto reached a trade deal after months of wrangling.

The accord sets a 19 percent tariff on Indonesian goods entering the United States. The Southeast Asian country had been threatened with a potential 32 percent levy before the pact.

Jakarta also agreed to $33 billion in purchases of US energy commodities, agricultural products and aviation-related goods, including Boeing aircraft.


Third ‘Mirkaz AlBalad AlAmeen Platform’ to Open in Makkah on Sunday 

A street in the holy city of Makkah is decorated with Ramadan lights. (SPA)
A street in the holy city of Makkah is decorated with Ramadan lights. (SPA)
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Third ‘Mirkaz AlBalad AlAmeen Platform’ to Open in Makkah on Sunday 

A street in the holy city of Makkah is decorated with Ramadan lights. (SPA)
A street in the holy city of Makkah is decorated with Ramadan lights. (SPA)

The third edition of the “Mirkaz ABalad AlAmeen”, a leading platform for exchanging opportunities in Makkah, will kick off on Sunday, under the theme “Makkah Inspires the World.”

The platform, organized by the Holy Makkah Municipality, will feature 15 exceptional Ramadan evenings focused on dialogue, knowledge exchange, and cross-sector engagement.

Makkah Mayor Musad Aldaood said the platform redefines development from Makkah, where faith meets inspiration and values are transformed into a comprehensive civilizational experience.

He noted that the initiative reflects the ambitions of Saudi Vision 2030 and showcases Makkah to the world as a living model of creativity, leadership, and innovation.

The upcoming edition will host more than 65 speakers, including executive leaders and decision-makers from across all three sectors, alongside futurists, entrepreneurs, and leading voices in culture and inspiration from artists, writers, media professionals, and innovators.

The program targets 12 key sectors: technology and digital transformation, financial investment, communications and media, real estate development, transport and logistics, banking services, youth and sports, tourism and culture, hospitality and catering, Hajj and Umrah, the third sector, and healthcare.