Mumbai, Oct 9 (IANS) — India and the United Kingdom have taken a major step forward in strengthening their economic partnership, with Commerce and Industry Minister Piyush Goyal announcing the signing of the ‘Terms of Reference’ to revamp the Joint Economic and Trade Committee (JETCO). The announcement came during UK Prime Minister Keir Starmer’s visit to India on Thursday.
The upgraded JETCO will now serve as the key mechanism for overseeing the implementation and progress of the India-UK Comprehensive Economic and Trade Agreement (CETA), marking a significant milestone in the evolving trade relationship between the two nations.
“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 said in a post on X.
He described the initiative as a “game-changer” that would strengthen the framework for strategic engagement, accelerate the implementation of the CETA, and help both countries achieve their goal of substantially expanding bilateral trade.
JETCO acts as a platform for UK businesses to deepen their engagement with Indian counterparts and explore new opportunities. The UK India Business Council and UK Trade and Investment work closely to support British companies seeking to expand in India.
During the meeting, both sides reaffirmed their commitment to ensuring the agreement’s swift and results-oriented execution. They reiterated their shared ambition to double bilateral trade by 2030, focusing on collaboration in sectors such as advanced manufacturing, digital trade, clean energy, and services.
The ministers also discussed enhancing regulatory cooperation, addressing non-tariff barriers, and promoting greater supply chain integration to maximise the benefits of the CETA.
Prime Minister Starmer hailed the partnership as “really important,” highlighting that it aligns with the ambitious India-UK Vision 2035 roadmap. He said both nations are taking concrete steps to elevate their bilateral relationship over the coming decade.
