Guernsey is included in a new free trade agreement between the UK and Gulf countries including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE.
The States has said the agreement with the Gulf Cooperation Council will build business links for Guernsey including for goods and key elements relating to financial services.
This in turn will strengthen the island’s international trading position and support its long‑term economic strategy, said Deputy Rhona Humphreys, Trade Lead for the Committee for Economic Development.
“The Middle East is an important partner for Guernsey’s economy, with strong existing links across financial and professional services. This agreement provides a valuable platform to deepen those relationships further.
“Securing inclusion in both goods and services from the outset supports our ambition to ensure Guernsey businesses can continue to compete successfully in growing global markets.”
The Gulf region is seen as an important and growing partner for Guernsey, with established links across financial and professional services, said William Mason, Director General, Guernsey Financial Services Commission.
“The conclusion of this agreement, alongside Guernsey’s participation in the UK–GCC framework, represents a significant step forward in strengthening stability and certainty for businesses operating across the Gulf region, including in financial services.
“The GFSC has longstanding relationships with a number of Gulf State regulators, and this development further enhances confidence in Guernsey as a secure and reliable jurisdiction, supporting continued access and long-term business growth.
“On behalf of the GFSC, I have been very pleased to support States officials in ensuring Guernsey’s interests are secured both within the agreement and across the wider Gulf region. Guernsey’s inclusion with the UK-GCC FTA reflects a significant body of work undertaken over a number of years behind the scenes.”