Saudi Arabia and UK Strengthen Economic Partnership for Future Growth
Key Ideas
- Saudi Arabia and the UK aim to increase bilateral trade to £30 billion by 2030, emphasizing the importance of the Saudi-UK Strategic Partnership Council.
- Both countries are investing in industries of the future through Vision 2030 and the UK's Industrial Strategy to drive global competitiveness and sustainable growth.
- Significant progress has been made on the GCC-UK Free Trade Agreement, with negotiations ongoing to finalize the agreement.
- Cooperation in energy, including clean hydrogen, is highlighted as a key area for enhanced collaboration, along with investments and growth in key sectors like clean technology and health.
Saudi Arabia and the United Kingdom have underscored the significance of strengthening their economic partnership with the aim of increasing bilateral trade to £30 billion by 2030. The joint statement issued after UK Prime Minister Keir Starmer's visit to Saudi Arabia highlighted the commitment to enhancing mutual prosperity, shared security, and addressing global challenges. Both countries are focusing on investments in future industries through initiatives like Saudi Arabia's Vision 2030 and the UK's Industrial Strategy. Progress on the GCC-UK Free Trade Agreement was welcomed, and efforts are ongoing to finalize the agreement. The leaders also praised the growth of two-way investments, with notable Saudi investments in the UK and UK Export Finance planning to increase market exposure to $6 billion. Energy cooperation, particularly in clean hydrogen, was emphasized as a key area, alongside collaborations in clean technology, sustainability, and health sectors. The joint commitment to enhancing cooperation in critical minerals, mining, and establishing strong supply chains reflects the shared goal of sustainable economic growth. The partnership also aims to leverage new air links and eased visa requirements to boost visitor numbers between the two countries.
Topics
Middle East
Sustainability
Investment
Clean Technology
Trade
Partnership
Economic Growth
Energy Cooperation
Bilateral Relations
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