Jersey and Guernsey have been included in a landmark UK deal with Gulf states that is being hailed a 'significant' boost to the islands' economies.
The FTA deal gives local businesses access to an important overseas market for the finance sector - namely Saudi Arabia, the UAE, Qatar, Kuwait, Oman and Bahrain - members of the Gulf Cooperation Council (GCC).
It's a region with 50 million consumers and a combined GDP of more than £2.3 trillion.
Government officials say the UK negotiated FTA will provide preferential opportunities for Jersey and Guernsey based service providers, and the islands will benefit from the phased removal of tariffs for exporting goods.
The deal was brokered between the GCC and the UK's Department of Business and Trade working in partnership with the Government of Jersey and the States of Guernsey.
William Mason, Director General, Guernsey Financial Services Commission, said:
“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.
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