United Kingdom and India unveil over £1 billion in commercial deals at first JETCO meeting after CETA implementation

Key facts

• India and the United Kingdom announced over £1 billion in new commercial deals during the first Joint Economic and Trade Committee (JETCO) meeting held after the implementation of the India-UK Comprehensive Economic and Trade Agreement (CETA).
• The JETCO meeting was co-chaired by Commerce and Industry Minister Piyush Goyal and UK Secretary of State for Business and Trade Jonathan Reynolds.
• The India-UK CETA came into effect on July 15, and both sides agreed to exchange data annually on its use, covering tariff claims and implementation feedback, beginning a year after the pact came into force.
• Focus sectors of the UK trade mission include aviation services, artificial intelligence, healthcare, advanced communications and engineering.
• More than 100 businesses arrived in India as part of the UK trade mission, along with the UK business secretary, Scotland secretary, environment, food and rural affairs secretary, and seven mayors from northern England.
• Meta announced a £50 million investment in Data Technologies to fund AI research in the UK, while Menzies Aviation seeks to generate over £600 million in revenue through an expanded presence in India.
• The UK has opened 99.99% of its market to India at zero duty, with exceptions including rice, poultry and possibly eggs.
• India and the UK share a target of doubling bilateral trade by 2030, and Goyal proposed sectoral meetings every 15 days to accelerate CETA implementation.