00:00Welcome back. Britain announced a new trade agreement with the Gulf Cooperation Council, GCC,
00:05that is expected to generate nearly $5 billion annually in the long term.
00:11Britain's Trade Minister, Peter Kyle, says the agreement would give British exporters
00:16greater certainty for future planning and investment
00:19amid the instability linked to the ongoing conflict involving Iran.
00:27Officials said nearly two-thirds of those tariffs on British goods would be removed
00:31once the agreement comes into force across member states,
00:34which includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE.
00:39And by the 10th year, 93% of tariffs would be eliminated.
00:44The British government estimated the agreement would generate about $4.96 billion each year,
00:50more than double earlier forecasts of $2.1 billion.
00:54The British government said the automotive, aerospace, electronics, food and drink sectors
00:59were expected to benefit significantly from the expanded market access.
01:04In return, Britain agreed to lower tariffs on GCC goods,
01:08although oil and gas exports from the region already enter Britain without tariffs.
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