Shri Kamal Nath, Union Minister of Commerce & Industry and Ms. Patricia Hewitt, UK Secretary of State for Trade & Industry, launched the India-UK Joint Economic and Trade Committee (JETCO), here today.
JETCO was announced in the Joint Declaration signed on 20th September, 2004 by the Prime Minister, Dr. Manmohan Singh and the UK Prime Minister, Mr. Tony Blair, to strengthen and deepen the bilateral relationship between the two countries.
“I am delighted that we have today signed this Agreement which gives concrete shape to the India-UK Joint Economic Trade Committee. This is, indeed, a historic occasion. India and UK, in our own ways will have a major role to play in writing the global history of this new century. Let us hope that the signing of this Agreement will go a long way towards increasing and substantiating that role”, Shri Kamal Nath said.
Ms. Hewitt said: “JETCO will be a vital new link between the British and Indian economies. It will build on our substantial trade relationship and provide the framework for improving the strong business-to-business links between India and the UK. The UK attaches great importance to this new initiative”.
Ms. Hewitt was accompanied by a 15-member high-level business delegation from the UK.
JETCO aims to help the UK and India identify obstacles and opportunities for increased bilateral trade and investment. The creation of JETCO symbolises the strength and depth of the UK-India relationship.
JETCO will help both India and the UK to build on existing relationship by identifying opportunities and barriers to increase bilateral trade and investment. JETCO will also provide a forum in which to proactively develop ways to address any trade and investment issues that may arise.
JETCO will be co-chaired by the Minister of Commerce & Industry, Government of India and the Secretary of State for Trade & Industry, Government of the United Kingdom.
SB/MRS
(Release ID :6512)