UK-Gulf trade deal a 'monumental achievement,' Bahrain industry minister tells CNBC

The trade deal between the U.K. and Gulf states is a “monumental achievement,” Bahrain's industry minister told CNBC.

Abdulla bin Adel Fakhro, Bahrain's minister of industry and commerce, said the free trade agreement, announced on Wednesday, was a win-win for the U.K. and Gulf Cooperation Council, and “very significant.”

“The size of this FTA [free trade agreement] is very big, the bilateral trade between the countries is very big and the investment between the countries is also very large,” he told CNBC's Dan Murphy, saying he expected those areas of cooperation to grow thanks to the deal.

“We really consider it a monumental achievement; it is quite significant for both the GCC and the U.K,” he added.

The deal comes at a turbulent time for the GCC, with the U.S.-Iran war causing turmoil for the region's key oil and gas industries, exports and economies. Regional ministers have been keen to stress that the GCC remains open for business, fearing the ongoing conflict could deter investors.

“The Iranian aggressions on the GCC were unprovoked and unacceptable and illegal, and the response of the GCC countries was very wise and very restrained, and focused on stability and continuing economic growth and even accelerating economic growth,” Fakhro said.

“Today, the GCC as a bloc is significantly more united, stronger and more integrated and focused on areas that we need to strengthen, whether it's industrial manufacturing, supply chains and the like ... than ever before,” the minister added.