India, UK to reposition JETCO to boost potential of trade pact
Rajeev Jayaswal, New Delhi
Union commerce and industry minister Piyush Goyal and UK secretary of state for business and trade Peter Kyle on Wednesday decided to reposition the existing institutional mechanism, the India-UK Joint Economic and Trade Committee (JETCO) to realise the full potential of recently signed India-UK free trade agreement that aims to double bilateral trade by 2030.
The decision was taken after two ministers held a bilateral meeting in Mumbai on Wednesday to chart a renewed course for the India-UK trade and investment partnership, a government statement said. The two countries signed a free trade deal in July.
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“The meeting marked a significant step towards operationalising the India-UK Comprehensive Economic and Trade Agreement (CETA), with both ministers agreeing to reposition the Joint Economic and Trade Committee (JETCO) to oversee its implementation and delivery,” the statement added.
JETCO was initially established in January 2005 to develop a strategic economic relationship. It was conceived as a business-driven institutional framework to enhance bilateral trade and investment with an annually meeting under joint chairmanship of the two trade ministers.
At the Wednesday meeting, both sides underlined their commitment to ensuring swift, coordinated, and results-oriented implementation of CETA, aimed at realising its full potential for businesses and consumers in both countries.
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“The ministers reaffirmed their shared ambition to double bilateral trade by 2030, leveraging the complementarities between the two economies in areas such as advanced manufacturing, digital trade, clean energy, and services,” the statement said.
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“The ministers reaffirmed their shared ambition to double bilateral trade by 2030, leveraging the complementarities between the two economies in areas such as advanced manufacturing, digital trade, clean energy, and services,” the statement said.
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The partners aim to double their bilateral trade to $112 billion by 2030 from the current level of 56 billion through this FTA.
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The partners aim to double their bilateral trade to $112 billion by 2030 from the current level of 56 billion through this FTA.
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The two ministers also exchanged views on the global trade and economic outlook, acknowledging the importance of building resilient and diversified supply chains amid ongoing global uncertainties, the statement said. Goyal highlighted India’s emergence as a key growth engine of the global economy, while Kyle underscored that CETA is the best ever deal secured with India, putting British businesses first in line to access its vast market and drive growth, jobs, and prosperity at home, it added.
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The two ministers also exchanged views on the global trade and economic outlook, acknowledging the importance of building resilient and diversified supply chains amid ongoing global uncertainties, the statement said. Goyal highlighted India’s emergence as a key growth engine of the global economy, while Kyle underscored that CETA is the best ever deal secured with India, putting British businesses first in line to access its vast market and drive growth, jobs, and prosperity at home, it added.
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Emphasising the transformative scope of CETA, the ministers discussed ways to maximise its benefits through regulatory cooperation, addressing non-tariff barriers, and promoting supply chain integration, the statement said.
Ahead of the bilateral meeting, a series of sectoral roundtables were held across priority sectors including advanced manufacturing, consumer goods, food and drink, science, technology and innovation, construction, infrastructure and clean energy, and financial, professional and business services (including IT/ITeS, education, and engineering), it said.
The India–UK CEO Forum was also held bringing together business leaders from both countries to discuss new opportunities for trade, investment, and innovation. Co-chaired by prominent industry representatives from India and the United Kingdom, the Forum served as a key platform to deepen bilateral economic cooperation and strengthen partnerships across sectors, it said. The discussions reaffirmed the shared commitment of India and the UK to advancing a modern, mutually beneficial, and sustainable economic partnership, strengthened by the India-UK CETA, it said.
Source: www.hindustantimes.com