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GCC, UK Aim to Finalize Free Trade Agreement

A part of the videoconference between GCC Secretary-General Jassem Al-Budaiwi and UK’s Minister of State for International Trade Anne-Marie Trevelyan and several officials from both sides.
A part of the videoconference between GCC Secretary-General Jassem Al-Budaiwi and UK’s Minister of State for International Trade Anne-Marie Trevelyan and several officials from both sides.
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GCC, UK Aim to Finalize Free Trade Agreement

A part of the videoconference between GCC Secretary-General Jassem Al-Budaiwi and UK’s Minister of State for International Trade Anne-Marie Trevelyan and several officials from both sides.
A part of the videoconference between GCC Secretary-General Jassem Al-Budaiwi and UK’s Minister of State for International Trade Anne-Marie Trevelyan and several officials from both sides.

Free Trade Agreement (FTA) negotiations between Gulf Cooperation Council (GCC) countries and the UK are set to resume in London at the end of this month, marking the sixth round of talks.

Considered crucial by GCC Secretary-General Jassem Al-Budaiwi, this round aims to remove all obstacles to finalize an FTA between the parties.

Al-Budaiwi discussed the negotiations’ progress with UK’s Minister of State for International Trade Anne-Marie Trevelyan, stating that teams are working to overcome challenges and reach a consensus.

The main focus areas requiring final agreement are commodity markets, investment, and financial services, according to recent information.

There have been five rounds of talks between the two sides to secure an FTA. The initial round took place when Trevelyan visited Riyadh on June 22, 2022.

Greg Hands, the UK’s Minister of State for Trade Policy, acknowledged the customary challenges in such negotiations, emphasizing the need for both sides to prioritize their interests and make concessions as they work on a total of 72 trade agreements.

Highlighting the advantages of the agreement, Hands said it’s expected to “boost the annual economic growth of GCC countries by over one billion pounds sterling.”

“Our yearly trade with GCC nations stands at 61 billion pounds sterling,” noted Hands.

The British minister stressed how crucial trade is for strengthening relationships with friends.

He highlighted the GCC as one of the UK’s major trading partners, affirming that the UK’s trade partnership with the Gulf goes beyond expectations.

These talks come more than a year after Britain left the EU. The British government sees the FTA as a big economic opportunity and a significant moment in the relationship between the UK and the GCC.

Recent data from the GCC Statistical Center reveals that trade between the UK and Gulf countries reached $39.6 billion by the end of 2022, up from $23.7 billion in 2021.

Free trade talks aim to lower tariffs and encourage mutual investment.

“The UK is a top six investor in the GCC with £31 billion invested in new projects over the last 20 years,” UK Chief Negotiator for the UK-GCC FTA Tom Wintle told Asharq Al-Awsat in August.

An FTA would offer British investors increased access to the Gulf market, supporting innovation and digital trade by fostering opportunities in emerging tech areas like artificial intelligence and cybersecurity.

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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)

Saudi Arabia has made history by uniting the 193 member states of the World Intellectual Property Organization (WIPO) to adopt the Riyadh Treaty on Design Law. This landmark achievement, realized after two decades of deliberation, underscores the Kingdom’s leadership in enhancing the global intellectual property system.

The announcement came at the conclusion of the Riyadh Diplomatic Conference on the Design Law Treaty, a rare event for WIPO, which has not held a diplomatic conference outside Geneva for more than a decade. It was also the first such event hosted in Saudi Arabia and the Middle East, representing the final stage of negotiations to establish an agreement aimed at simplifying and standardizing design protection procedures across member states.

Over the past two weeks, intensive discussions and negotiations among member states culminated in the adoption of the Riyadh Treaty, which commits signatory nations to a unified set of requirements for registering designs, ensuring consistent and streamlined procedures worldwide. The agreement is expected to have a significant positive impact on designers, enabling them to protect their creations more effectively and uniformly across international markets.

At a press conference held on Friday to mark the event’s conclusion, CEO of the Saudi Authority for Intellectual Property Abdulaziz Al-Suwailem highlighted the economic potential of the new protocol.

Responding to a question from Asharq Al-Awsat, Al-Suwailem noted the substantial contributions of young Saudi men and women in creative design. He explained that the agreement will enable their designs to be formally protected, allowing them to enter markets as valuable, tradable assets.

He also emphasized the symbolic importance of naming the convention the Riyadh Treaty, stating that it reflects Saudi Arabia’s growing influence as a bridge between cultures and a global center for innovative initiatives.

The treaty lays critical legal foundations to support designers and drive innovation worldwide, aligning with Saudi Arabia’s vision of promoting international collaboration in the creative industries and underscoring its leadership in building a sustainable future for innovators.

The agreement also advances global efforts to enhance creativity, protect intellectual property, and stimulate innovation on a broader scale.

This achievement further strengthens Saudi Arabia’s position as a global hub for groundbreaking initiatives, demonstrating its commitment to nurturing creativity, safeguarding designers’ rights, and driving the development of creative industries on an international scale.

The Riyadh Diplomatic Conference, held from November 11 to 22, was hosted by the Saudi Authority for Intellectual Property and attracted high-ranking officials and decision-makers from WIPO member states.