The UK India Business Council welcomes today`s announcement by UK International Trade Minister Liz Truss and Indian Trade and Industry Minister Piyush Goyal, who announced that governments will establish a stronger trade partnership as the first step towards a roadmap for a free trade agreement between the UK and India. She added that when they sign a free trade agreement, countries will be an important instrument to achieve a higher volume of bilateral trade and create a legal basis for trade relations. „We believe the agreement will help improve Turkey`s trade and investment relations with Canada and pave the way for businessmen,“ Pekcan said. „Free trade agreements should be our goal, but we can make a CAG in the near future,“ Goyal said at an India Global Week meeting shortly after Truss`s revelation that JETCO will virtually work this year. When the UK`s International Development Minister, Liz Truss, used her policy speech at India Global Week 2020 to say that banning the coronavirus pandemic would not delay the India-Uk Joint Economic and Trade Committee (JETCO) this year, the message was very strong. There is no time to defer the foundations of the much-anticipated Free Trade Agreement (FTA) as the UK`s transition to Brexit ends at the end of this year. Today @trussliz and I held the first virtual jetco 🇬🇧🇮🇳 with @PiyushGoyal and @HardeepSPuri! . . Prior to Friday`s meeting, the two sides had identified trade policy priorities and the pre-selected areas of life sciences, information technology (ICT), food, chemicals and services, as part of a joint trade review, as the five priority areas for the elimination of non-tariff barriers during the annual dialogue. It was decided that India`s Minister of Trade and Industry and Civil Aviation, Hardeep Singh Puri, and his British counterpart, Ranil Jayawardena, would hold monthly meetings to intensify the dialogue.
Goyal and Truss will resume discussions in New Delhi in the fall, when the so-called „Early Harvest“ agreements are concluded as a prelude to a high-year free trade agreement. In the priority sectors already pre-selected, India and the United Kingdom need to take more decisive action in areas such as financial services – the Indian FinTech software market is expected to double from $1.2 billion currently to $2.4 billion in 2020, according to NASSCOM. He also mentioned that Turkey and Canada could cooperate in the area of education. At a virtual meeting of the Joint Economic and Trade Committee, Turkish Trade Minister Ruhsar Pekcan said the two countries were working to cooperate and promote reciprocal investment in countries where they operate separately. „Our companies can share their expertise in these areas,“ Maroto said. On 11 November, the United Kingdom and Brazil held the 11th Joint Economic and Trade Committee. „We can stimulate common trade in different sectors such as vending machines, clothing, iron and steel, electronics, furniture and food,“ Pekcan said. . Brazil and the United Kingdom recognize the importance of strengthening economic ties through sustainable and clean growth.
They have accelerated the discussions and intend to sign a Memorandum of Understanding by the end of 2020 that will strengthen mutual cooperation on clean growth, while supporting an efficient and competitive energy market and further encouraging trade and investment.