DUBAI, Feb. 11 (Rahnuma): Britain has approached the Gulf Cooperation Council (GCC) over a possible trade pact to replace the EU after Britain leaves the European bloc, the Al Arabiya news channel reported Monday.
The agreement, however, will take years to conclude, the United Arab Emirates (UAE) Minister of Economy Sultan bin Saeed Al Mansouri was quoted as saying on the sidelines of the ongoing World Government Summit held in Dubai.
Britain is now facing the possibility of an exit from the EU without an agreement, which is expected to inflict a series of consequences on the world’s fifth largest economy.
Britain is “looking forward” to signing a trade agreement with the GCC, British Secretary of State for International Trade Liam Fox was quoted by UAE state news agency WAM as saying during his attendance at the summit.
The trade exchange between Britain and the UAE amounted to 22.7 billion U.S. dollars in 2017, 12.3 percent up from 2016.
The GCC comprises the UAE, Qatar, Saudi Arabia, Oman, Kuwait and Bahrain.