The Isle of Man is included in a new free-trade deal between the United Kingdom and the Gulf Cooperation Council.

For the Crown Dependencies this is the first UK free-trade agreement to provide coverage beyond goods and the Isle of Man Government says this reflects the island’s position as a service-based economy.

A government spokesperson added: ‘The agreement is founded on the UK Government’s shared commitment with the Gulf to open trade, mutual prosperity and long-term economic success, and provides greater certainty for businesses trading with, or considering opportunities in, the Gulf market.

‘For Isle of Man businesses already trading with the Gulf, and for those considering doing so, the agreement offers a clearer and more consistent framework for future trade.

‘While Isle of Man businesses have always been able to trade with Gulf markets, free-trade agreements help to make that trade easier over time by reducing barriers and providing a more predictable framework.

‘For island businesses this creates stronger conditions for developing commercial relationships in the region and greater confidence around access for goods and service sectors.

‘The effect is likely to build over time rather than be immediate and the strategic value is important. The Isle of Man Government will continue working with business representative organisations and industry to help firms understand the opportunities arising from the agreement.’

Chief Minister Alfred Cannan added: ‘Achieving coverage for trade in services in a UK free trade agreement is the culmination of years of work for the Isle of Man and Crown Dependencies.

‘It sets a new level for our participation in global services trade. It will make it easier to do business across a range of sectors and allows us to compete on an equal footing with the United Kingdom in one of the world’s most valuable markets.

‘Ministers and officials in the UK have involved us from the beginning of negotiations and we have all worked closely to deliver this outcome.’