JETCO TO BE KEY INSTRUMENT FOR BOOSTING INDO-UK TRADE AND ECONOMIC TIES INDIA-UK INVESTMENT SUMMIT SOON KAMAL NATH INTERACTS WITH ALAN JOHNSON
Date : 08 Sep 2005
Location : New Delhi
Shri Kamal Nath, Union Minister of Commerce & Industry, said today that the India-UK Joint Economic and Trade Committee (JETCO) would be a key instrument in further strengthening trade and economic cooperation between the two countries. During a one-to-one with Mr. Alan Johnson, the British Secretary of State for Trade & Industry, followed by a meeting with the UK business delegation here this morning, he said that apart from being an institutional mechanism to review the status of bilateral trade, JETCO must also deliver results and function as an effective body in furthering Indo-UK partnership.
Later, at a business lunch organised by the Confederation of Indian Industry (CII), Mr. Alan Johnson underlined the excellent growth in India-UK bilateral trade and investment, and expressed the hope that JETCO would help identify opportunities for even greater growth in this relationship. It was indicated that the Second Meeting of JETCO would be held in London sometime in January 2006. The first meeting of JETCO, which was established at the behest of Shri Kamal Nath and his then British counterpart Ms. Patricia Hewitt, was held in January 2005.
Emphasising that JETCO must have an agri focus, Shri Kamal Nath suggested the setting up of a working group on transfer of technology and investment in the food-processing sector in India. A working group on legal services already exists under JETCO to examine the requirements of non-practice legal advisory services for enhancement of bilateral trade and investment.
During his discussions with Mr. Johnson, Shri Kamal Nath flagged India’s interest for early convening of the India-UK Investment Summit, especially in the context of the large investment opportunities emerging in India in the infrastructure sector. It was indicated that the India-UK Investment Summit would be held during the proposed visit of the UK Chancellor of the Exchequer to India in the next couple of months.
Referring to outsourcing or offshoring, Mr. Johnson said: “Some parts of the British press want us to stop offshoring – to take heavy-handed interventionist measures. I think that’s wrong. Responding to globalisation by putting up barriers is shortsighted, ineffective and ultimately damaging – especially for consumers. Outsourcing can and should bring benefits for UK and India alike”.
The EU is India’s largest trade partner in the world, and within the EU, the UK is India’s largest trade partner.