|
India and UK have identified the key areas which offer particular potential for increased trade and investment such as agriculture, infrastructure (including energy), services and knowledge-based industries, including research & development (R&D). This is indicated in the joint statement issued here this evening following the first meeting of the India-UK Joint Economic and Trade Committee (JETCO), which was launched earlier in the day by Shri Kamal Nath, Union Minister of Commerce & Industry and Ms. Patricia Hewitt, Secretary of State for Trade & Industry, UK.
India and UK have agreed to convene an annual UK-India Investment Summit to support increased mutual investment. It has also been agreed to examine intellectual property rights (IPR) issues under government leadership, with regard to the concerns of businesses from both the countries relating to IPR protection in the UK and India and adopt practical measures to address these.
JETCO also welcomed the 2004 UK-India Air Services Agreement and expressed support for further increases in the frequency of bilateral trade services.
Other important recommendations by JETCO today are:
i) It agreed that officials would take a comprehensive look at areas and opportunities for agricultural cooperation, including in trade, investment, training and standards, in order to maximize potential and deliver concrete outcomes.
ii) It agreed to initiate a dialogue on cooperation in infrastructure between interested private sector organisations in the UK & India including with the Investment Commission in India and involving government where appropriate. The dialogue will take note of existing bilateral structures, including the Joint Power Sector Working Group and the Indo-British Coal Forum, to ensure these two bodies maximize their potential and deliver concrete outcomes.
iii) It expressed its support for early conclusions of the proposed UK-India bilateral film co-production agreement.
iv) It noted the programme of activities proposed by the British side to share expertise in sports and leisure infrastructure, and to develop partnerships with India over the course of this year.
v) It agreed to support hi-tech cooperation by means of an initiative to stimulate contact between major high tech clusters in the UK and India, starting with the East of England cluster around Cambridge.
vi) It agreed to set up a mechanism, to examine the requirements of non-practice legal advisory services for enhancing trade and investment. It would include industry representatives and would submit its suggestions to the Ministers within the next six months.
vii) It agreed to initiate a dialogue on healthcare cooperation. This should be led by the relevant ministries but also include healthcare providers. It should include complimentary systems of medicine, including ayurvedic medicine.
The two Ministers noted the positive state of trade and investment but agreed that there was considerable potential to increase this and JETCO would play an important role in this process. They also stressed the importance of working constructively in order to make progress at the WTO Ministerial Meeting in Hong Kong in December this year to achieve a successful outcome for the Doha Development round.
**************
SB/SS/MRS
|
