India, UK commit to comprehensive strategic partnership

New Delhi, Jan 17 (UNI) India and the UK have welcomed the launch of UK-India Free Trade Agreement (FTA) negotiations and the first round of negotiations taking place on Monday which marks a new phase in the strategic and trade relationship between the two countries, a joint statement of the 15th Meeting of the India-UK Joint Economic and Trade Committee (JETCO) released by the British High Commission said.
Minister of Commerce & Industry Piyush Goyal and Secretary of State for International Trade Anne-Marie Trevelyan met on 13 January, 2022 for the JETCO meeting and reiterated their commitment to a comprehensive strategic partnership as reflected in the ambitious 2030 roadmap for future UK-India relations launched in May 2021 and to more than doubling the value of UK-India trade by 2030.
The statement said the two ministers welcomed the delivery of the market access package of the India-UK Enhanced Trade Partnership which will unlock immediate gains for British and Indian businesses. The two ministers would look forward to the first shipment of apples and medical devices into India and have welcomed the listing of 56 new Indian fisheries establishments, according to the BHC statement. The two sides noted that even as efforts continue to build back from Covid-19, there was need for enhancing bilateral investment to boost mutual growth and prosperity.
Over the last 5 years, Indian firms have raised £13.41 billion in masala, dollar and green bonds listed on the London Stock Exchange. Welcoming reforms including changes to retrospective taxation by the Government, the Indian and UK minister expressed optimism about the changes leading to protection of consumer interests, reduction of regulatory burdens and a boost to international investor confidence.
According to the statement, 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 and both sides agreed to continue to work in partnership to develop and strengthen the positive impact of an environment that supports innovation and creativity and acknowledges the increasing importance of intellectual property in UK-India bilateral trade. The statement said that there was mutual agreement on hosting the next meeting of the JETCO 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.
UNI NMJ SHK2340