Kautilya Academy 25-07-2020
India and the United Kingdom affirmed their shared commitment towards a Free Trade Agreement during the 14th Joint Economic and Trade Committee meeting on July 24, 2020.
The virtual meeting was co-chaired by Union Minister for Commerce and Industry Piyush Goyal and UK Secretary of State for International Trade Elizabeth Truss. The Minister of State for Commerce and Industry Hardeep Singh Puri and UK’s Minister of State for International Trade Ranil Jayawardena had also attended the meeting.
At the conclusion of the meeting, it was decided that a deliberation led by Union Commerce Minister Piyush Goyal and UK Trade Minister Elizabeth Truss will be held in August in New Delhi to carry forward the dialogue.
• During the 14th Joint Economic and Trade Committee meeting, India and the United Kingdom affirmed their shared commitment to a Free Trade Agreement and towards that, they agreed to engage in early harvest deals or limited trade agreements in a staged manner.
• MOS Hardeep Singh Puri and his UK counterpart Ranil Jayawardena will conduct monthly meetings to intensify the dialogue between the two nations.
• The co-chairs of Business led Joint Working Groups on Life Science and Health, ICT and Food and Drink set up during the previous Joint Economic and Trade Committee meeting made their recommendations to the Ministers.
• The meeting included formal talks followed by a plenary session led by MoS Hardeep Singh Puri, UK Minister of State for International Trade, Ranil Jayawardena and UK Minister of State for Investment, Gerry Grimstone. The Ministers interacted with several leading business leaders including Chandrajit Banerjee and Alay Piramal, who is co-Chair of the India UK CEOs’ Forum.
• India and the United Kingdom both held talks open minds and shared commitment to revive and revitalise the long standing trade and economic linkages between them.
• India and the UK also resolved to cooperate in the health sector especially in the wake of COVID-19 pandemic.