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.”



Saudi Energy Minister Says Kingdom Remains Reliable, Flexible Supplier

Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman al-Saud attends the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg on June 4, 2026. (Photo by Olga MALTSEVA / AFP)
Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman al-Saud attends the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg on June 4, 2026. (Photo by Olga MALTSEVA / AFP)
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Saudi Energy Minister Says Kingdom Remains Reliable, Flexible Supplier

Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman al-Saud attends the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg on June 4, 2026. (Photo by Olga MALTSEVA / AFP)
Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman al-Saud attends the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg on June 4, 2026. (Photo by Olga MALTSEVA / AFP)

Saudi Energy Minister Prince Abdulaziz bin Salman seized the spotlight at a high-level dialogue session held during the 2026 St. Petersburg International Economic Forum, breaking a strategic silence that had become a focus of questions and a gauge for global market expectations.

Speaking on Thursday, he delivered carefully calibrated messages to the energy sector, stressing that the world urgently needs stability in energy markets and declaring with confidence that the Kingdom is a flexible energy supplier, was, and will remain so under all circumstances.

In his remarks during a special session at the forum, where the Kingdom is taking part as “main guest of honor” as the two countries mark the centenary of diplomatic relations, Prince Abdulaziz acknowledged that current geopolitical events in the Middle East were distracting attention and obstructing focus on Saudi Arabia’s strategic priorities, foremost among them the goals of Vision 2030.

He described the situation as a source of considerable frustration.

Even so, he sent a strong message of reassurance to global markets, saying in a firm tone that it was their duty, and that of every Saudi citizen, to defy this difficult environment and continue to pursue their ambitions.

The Kingdom has the capability and confidence to address challenges and demonstrate its economic and operational resilience, he added.

He pointed to what he described as the success of Saudi Arabia’s infrastructure and logistics system in turning tragedies into opportunities, and in managing the Hajj season with unprecedented success despite the surrounding regional turmoil.

On the partnership with Moscow, the Saudi Energy Minister announced the signing of 30 new cooperation agreements between the private sectors in the two countries across fields including industry, education, tourism, and energy.

Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman al-Saud attends the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg on June 4, 2026. (Photo by Olga MALTSEVA / AFP)

Prince Abdulaziz said the Kingdom will sign agreements across various fields and that there are no limits or restrictions on joint cooperation.

He added that the strategic mindset in Riyadh and Moscow had moved beyond being merely “producers of oil or gas” to “manufacturing and supplying energy in its comprehensive sense,” including hydrocarbons and the export of electrons.

In an explanation of his earlier position, which had kept oil traders on edge, Prince Abdulaziz said he had deliberately remained silent during the period that witnessed one of the most severe global energy crises.

A minister is required to maintain his composure and not panic, because panic makes a person lose control of the narrative, he explained.

He moved on to express his intention to maintain silence, because silence amid many unknowns is a message and a humble acknowledgment that reality is changing quickly, and is a form of respect for oneself and for others.

He concluded his assessment of current market conditions with a pointed remark reflecting the scale of uncertainty clouding the global scene.

“The situation we’re going through now does make a point here, which is the world needs every molecule of energy, and every form of stabilization to this energy, because without energy security, you will lose sustainability,” the Saudi minister said.

“There are so many moving parts, there are so many unknowns, there are things that you think have become a reality, but then you wake up in the next morning and the reality is no longer a reality.”

Novak says the market faces a 12 million barrel shortfall

For his part, Russian Deputy Prime Minister Alexander Novak described the current crisis in the international oil market as unprecedented, with no parallel even in the 20th century.

Novak said Russia would deal with the Western sanctions imposed on it with flexibility and complete calm, given its position as a key supplier of energy resources to the international market.

He warned of a large, hidden shortfall in global supply, estimated at about 12 million barrels per day that are currently not reaching the market.

He said global markets had not yet felt the full impact of the energy crisis caused by the Middle East conflict because the situation was being managed through withdrawals from surplus reserve inventories.

Novak cautioned that if the conflict continues and Gulf states delay increasing production, the market will face an acute and immediate physical shortage of supplies within a few months.

In his analysis of the producers’ alliance, Novak stressed that the OPEC+ agreement remains a key driver of energy market direction.

He said its members control more than 50% of global production and more than 40% of total exports, adding that the agreements have proven highly efficient at curbing volatility and reducing market fluctuations.

Novak said current data gave countries an opportunity to accelerate compliance, describing the existing approach as a “standard and normal course” that allows countries that had previously exceeded their quotas for any reason to implement compensation plans for their earlier overproduction more quickly.

On Russia, Novak said technical analytical calculations to determine Russia’s maximum production ceiling are continuing in cooperation with the companies concerned, and would be discussed with partners by the end of 2026.

He expected Moscow to effectively reach its assigned production levels this year under the agreed quotas, despite current output being slightly lower than at the start of the year because several refineries were undergoing “emergency and unscheduled maintenance.”

Expectations of strong demand

OPEC Secretary General Haitham Al Ghais said the organization expects robust oil demand growth and would not change its estimates despite the conflict in the Middle East and the closure of the Strait of Hormuz.

“Despite all the commentary out ⁠there that oil demand is declining, we have not registered signs of that yet,” Al Ghais said.

“We still see robust demand growth at 1.2 million barrels a day for this year,” he said.

He also said investment in the oil sector should not be affected by "one-off events" that may occur anywhere in the world.

Egyptian Minister of Petroleum and Mineral Resources Karim Badawi told the session that renewable energy is a top priority to reduce dependence on natural gas. He said Egypt is working hard to increase electricity generation from wind and hydropower to secure a sustainable energy mix.

Markets hold their breath before the Sunday marathon

The remarks made at the forum on Thursday carry major significance as a prelude and practical indicator of the direction of leading producers ahead of decisive oil-related meetings next Sunday.

That day will see three consecutive meetings, beginning with OPEC’s administrative conference, followed by the 66th meeting of the Joint Ministerial Monitoring Committee, or JMMC, which is responsible for monitoring compliance levels, consensus, and the approval of current compensation plans.

Investors are closely watching the 41st ministerial meeting of the OPEC+ alliance. Informed sources said the alliance is likely to approve an additional gradual increase in its targets for next July.


OPEC Secretary General: Oil Demand to Remain Robust, No Change to Estimates

OPEC Secretary General Haitham Al Ghais attends the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg on June 4, 2026. (Photo by Olga MALTSEVA / AFP)
OPEC Secretary General Haitham Al Ghais attends the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg on June 4, 2026. (Photo by Olga MALTSEVA / AFP)
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OPEC Secretary General: Oil Demand to Remain Robust, No Change to Estimates

OPEC Secretary General Haitham Al Ghais attends the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg on June 4, 2026. (Photo by Olga MALTSEVA / AFP)
OPEC Secretary General Haitham Al Ghais attends the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg on June 4, 2026. (Photo by Olga MALTSEVA / AFP)

OPEC expects robust oil demand growth and is not changing its estimates, Secretary General Haitham Al Ghais said on Thursday at the St. Petersburg International Economic Forum, despite the Middle East conflict and closure of the ⁠Strait of Hormuz.

"Despite ⁠all the commentary out there that oil demand is declining, we have not registered signs of that yet," ⁠Reuters quoted Al Ghais as saying.

"We still see robust demand growth at 1.2 million barrels a day for this year," he said.

He also said that investments in the oil industry should not be affected by "one-off events" that happen ⁠anywhere ⁠in the world.

"We need to invest well ahead of time to be prepared for the demand that we see in the future," he said.


Egypt Plans to List More State-owned Companies, Replace In-kind Subsidies with Cash

Headquarters of the Central Bank of Egypt in downtown Cairo (Asharq Al-Awsat)
Headquarters of the Central Bank of Egypt in downtown Cairo (Asharq Al-Awsat)
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Egypt Plans to List More State-owned Companies, Replace In-kind Subsidies with Cash

Headquarters of the Central Bank of Egypt in downtown Cairo (Asharq Al-Awsat)
Headquarters of the Central Bank of Egypt in downtown Cairo (Asharq Al-Awsat)

Egypt aims to list four to five state-owned companies on the Cairo stock exchange before the end of the year as part of its state asset sales strategy, Prime Minister Mostafa Madbouly said on Thursday.

The government also plans to shift from in-kind subsidies to cash subsidies during the coming financial year, as part of efforts to improve the targeting of social support, Madbouly said at a press conference, Reuters reported.

It does not aim to reduce the monetary value of subsidies but rather ensure they reach those entitled to receive them, he added.

More than 60 million people receive subsidised essential commodities through state-run outlets, while at least 10 million others benefit from subsidised bread.