INDIA-UK AGREES TO IMPROVE TRADE AND INVESTMENT FLOWS – BILATERAL TRADE AT US $ 12 BILLION IN 2008-09
6TH SESSION OF INDO-UK JETCO CONCLUDES
Friday, February 05, 2010
During the 6th session of the Indo-UK Joint Economic & Trade Commission (JETCO) last evening in London, both the countries agreed on the need for further improvement in the regulatory environment impacting trade and investment flows. As regards Market access issues for both goods and services, both sides reaffirmed their commitment to increase the FDI flows. The JETCO Session was attended by Shri Anand Sharma, Union Minister of Commerce & Industry and Lord Peter Mandelson, Secretary of State for Business, Innovation & Skills, Government of the UK. The UK is among India’s major trading partners. Bilateral trade with UK during 2008-09 stood at US $ 12 billion in 2008-09.
“The massive infrastructure development programme being undertaken in India presents huge opportunities for foreign investment. India recognised the experience of the UK in infrastructure development through public private partnerships, which could be gainfully exploited for the establishment of capacity building programmes in India”, Shri Sharma said.
In the areas of Manufacturing, innovations and green technologies, both sides agreed on the importance of bilateral investment flows in the R&D sector, and welcomed efforts to promote technology transfer and links between entrepreneurs, venture capitalists and universities. In Vocational training and skills both sides agreed to work together to explore new opportunities including developing sector specific vocational training institutions modelled on the UK’s Sector Skills Councils. Specific sectors identified as a priority for future skills collaboration were: employability; health sector training; soft skills; and certification and accreditation.
Management of FMCG and agribusiness supply chain was announced as a new Working Group. It was felt that a collaborative approach to the value addition in agriculture in India would create a mutually beneficial environment for both the UK and India and support the inclusive growth agenda in India. Both the Ministers took the opportunity to announce the intent of Governments to sign the India – UK Declaration on Civil Nuclear Cooperation, the text of which was finalised recently.
It was agreed that a meeting of senior officials would be held once in six months to facilitate implementation of the decisions of the JETCO and to review its progress. The next meeting of the JETCO would take place after one year in India in New Delhi. Shri Sharma also met Mr. Ed Milliband, Secretary of State for Department of Energy and Climate Change. While giving an overview of the JETCO deliberations, he discussed the need for harmonising development and climate change particularly in creating synergies in the manufacturing innovation and technological requirements for clean development mechanism.
