JETCO the new beginning of relationships      

The foundation   of JETCO was the joint declaration of the two countries prime ministers, On 20 December 2004 JETCO was founded. The declaration led by the two delegates , British side Mr. Rt. Hon. Patricia Hewitt MP, Secretary of State for Trade and Industry and Indian side by H.E. Mr Kamal Nath, Minister for Commerce and Industry.

The Opening Ceremony started with one – minute silence in the respect of the tsunami victims by both the delegations. In their opening statements they are reviewing the facts about performance of their economies, bilateral trade and investment relationship and discussing the importance of working together constructively.

They are appreciating the trade and investment development in both countries. They were considerable said that the trade and investment  having more potential to grow in both of the nations and JETCO will play an important role in this process.

      The recommendations of JETCO are –

1.       Convincing a UK –INDO investment summit to increase mutual investment.

2.       Searching the new opportunities in the areas of agriculture cooperation including investment, trade, training and standards for better outcome.

3.       Programmes proposed to share expertise in sports and leisure sector to develop infrastructures in this year.

The key areas of meeting aren’t only indentifying but also offering the potentials for increasing trade and investment, agriculture and infrastructure (energy), service and knowledge based industry including R & D.

               

4.       Setting up a mechanism to examine the requirements of non practical legal advisory to the enhancement of trade and investment.

5.        Solutions for IPR issues.

6.       Healthcare cooperation between the countries including complementary system of medicine like Ayurvedic.

7.       Support of Hi – Tech cooperation in sense of cluster between UK – India.

8.       Bilateral firm coproduction agreement.

9.       2004 UK – India Air service agreement

10.   Joining hands in Power sector.

After every six months they are agreed that meeting will be held between the senior officials to facilitate and implement the decision of JETCO and review its progress also. And The delegations agreed that the next JETCO meeting would take place after one year, in London.