At a crucial meeting held in Mumbai, India and the British Trade Ministers reaffirmed their commitment to strengthening bilateral economic relations. The session focused on the implementation of the India-UK Comprehensive Economic and Trade Agreement (CETA) and the revitalisation of JETCO to unlock new opportunities in trade, investment, innovation and sustainable development.
Hon. Peter Kyle, UK Secretary of State for Business and Trade, today held a bilateral meeting in Mumbai to re-engineer the India-UK trade and investment partnership.
The meeting marked a significant step towards the implementation of the Indian–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.
Both parties stressed their commitment to ensuring the rapid, coordinated and results-oriented implementation of the Agreement to realize its full potential for businesses and consumers in both countries.
The Ministers reaffirmed their common ambition to double bilateral trade by 2030 by exploiting the complementarities between the two economies in areas such as advanced manufacturing, digital trade, clean energy and services.
Considering the transformative scope of CETA, the Ministers discussed ways to maximize its benefits through regulatory cooperation, addressing non-tariff barriers and promoting the integration of the supply chain.
The highly productive trade secretary-level and Director General’s meeting set the tone for the Ministerial meeting, which laid a solid foundation for a full day of participatory and forward-looking discussions.
Prior to the bilateral meeting, a series of sectoral round tables were held in priority sectors such as advanced manufacturing, consumer goods, food and beverages, science, technology and innovation, construction, infrastructure and clean energy, financial, professional and business services (including IT/ITeS, education and engineering). These dialogues brought together leading voices from Indian and British industry and provided valuable insights to guide implementation.
The India–UK CEO Forum also brought together business leaders from both countries to discuss new opportunities for trade, investment and innovation. The forum, co-chaired by prominent representatives of the industry from India and the United Kingdom, was an important platform for deepening bilateral economic cooperation and strengthening sectoral partnerships. The discussions reaffirmed India’s joint commitment and the United Kingdom’s commitment to promoting a modern, mutually beneficial and sustainable economic partnership strengthened by the CETA between India and the United Kingdom.
The two ministers also exchanged views on the global trade and economic prospects and recognised the importance of building resilient and diversified supply chains in the face of current global uncertainty. Shri Goyal highlighted India’s emergence as a key growth engine of the global economy, while Secretary Kyle highlighted that the British deal is the best ever reached with India, placing British businesses first in line to access its extensive market and promote growth, jobs and prosperity at home.
The meeting concluded with a business plenary attended by senior industry representatives from both sides. Both sides reaffirmed their determination to promote a modern, inclusive and mutually beneficial trade partnership, unlocking new opportunities for growth, investment and innovation. (Source: PIB)