Mumbai: Commerce and Industry Minister Piyush Goyal on Thursday announced the signing of the 'Terms of Reference' to reposition the Joint Economic and Trade Committee (JETCO) during the UK Prime Minister Keir Starmer’s visit to India. The meeting marked a significant step towards operationalising the India-UK CETA, with both ministers repositing the JETCO to oversee its implementation and delivery.
JETCO provides a forum to UK companies to enhance their links and develop new partnerships with India business and decision makers. The UK India Business Council works closely with colleagues at UK Trade and Investment to support UK companies’ aspirations towards India. “India-UK economic partnership enters a new phase! Thrilled to announce the signing of the Terms of Reference to reposition the Joint Economic and Trade Committee (JETCO),” Goyal posted on X.
He further stated that this institutional reset is a game-changer, “strengthening our framework for strategic engagement, driving the implementation of the India-UK CETA, and boosting our joint ambition to significantly enhance our bilateral trade”. Both sides also underlined their commitment to ensuring swift, coordinated, and results-oriented implementation of the Agreement, aimed at realising its full potential for businesses and consumers in both countries.
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. Emphasising the transformative scope of CETA, they discussed ways to maximise its benefits through regulatory cooperation, addressing non-tariff barriers, and promoting supply chain integration.
Notably, Starmer also said that the partnership between the two countries is perfectly suited to achieve the ambitious India-UK Vision 2035 roadmap, and steps are being taken to elevate bilateral ties over the coming decade. He described the India-UK trade partnership as "really important" and emphasised the significance of CETA signed in July.
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