Piyush Goyal, India's Minister of Commerce & Industry, and Anne-Marie Trevelyan MP, Secretary of State for International Trade, met on 13 January 2022 for the 15th meeting of the India-UK Joint Economic and Trade Committee (JETCO). At this meeting, they recalled our Prime Ministers’ commitment to a new and transformational Comprehensive Strategic Partnership between the UK and India, rooted in our shared values of democracy, fundamental freedoms and rule of law, as reflected in the ambitious 2030 Roadmap for future UK-India relations launched in May 2021.
In a joint press statement, they revealed, “We welcomed the delivery of the market access package of our Enhanced Trade Partnership which will unlock immediate gains for British and Indian businesses. In particular, we looked forward to the first shipment of apples and medical devices into India and welcomed the listing of 56 new Indian fisheries establishments.
“As two services-driven economies, we celebrated the continued close cooperation in the services sector including the upcoming session of the legal services committee, progress on the mutual recognition of higher education qualifications, and the agreement by the new Taskforce on Healthcare Workforce of the key ambitions of a framework for cooperation. We also welcomed the first meeting of the joint dialogue on social security and the conclusion of the MoU on the Mutual Recognition of Seafarers’ Certificates of Competency.”
They appreciated the ongoing collaboration between Oxford University, AstraZeneca, and the Serum Institute of India in supporting the global vaccination drive. UK and India will be committed to building on the progress made at COP26 for adaptation and climate resilience, green hydrogen, renewables and clean technology.
Over the last 5 years, Indian firms have raised £13.41 billion in masala, dollar and green bonds listed on the London Stock Exchange. The UK also welcomed India’s decision to lift the Foreign Direct Investment cap in the insurance sector from 49% to 74% and remove the ‘Indian ownership and control’ requirements.
The UK congratulated India on the election of Invest India as the President of the World Association of Investment Promotion Agencies (WAIPA) for 2021-2023. They also noted the visit of the Carrier Strike Group (CSG) to Mumbai in October 2021, supporting and strengthening defence and security ties between the two countries and welcomed efforts for co-development and co-production of key military technologies harnessing the strengths of Indian and British defence industries.
It was agreed that the next meeting of the JETCO would take place in London to mark the progress made towards a Free Trade Agreement and to celebrate achievements across the breadth of the trade, economic and investment relationship.
