UK and Qatar ministers meet today for the third Joint Economic
and Trade Committee (JETCO) in London, to bolster bilateral trade
and investment ties across both nations.
The UK enhanced its relationship with our third largest Gulf
trading partner, announcing two significant agreements to boost
trade and investment.
UK trade minister met Qatar’s Minister of
Commerce and Industry H.E. Sheikh Mohammed bin Hamad Al-Thani in
London today [24 August] to agree the new partnerships at the
third UK-Qatar Joint Economic and Trade Committee (JETCO).
It comes after the launch of negotiations on a free trade
agreement with the Gulf Cooperation Council (GGC) in June. An
agreement with the GCC is an opportunity to grow an overall trade
relationship worth £32.4 billion in 2020, breaking down barriers
to trade and supporting jobs across the whole of the UK.
Minister for International Trade, , said:
Qatar is an important trade and investment partner for Britain. I
believe we should nurture and maximise the strength of our
relationship to make our economies more resilient and
prosperous.
We are committed to taking steps to further deepen the trade and
investment relationship we share with Qatar, and today’s JETCO
signals our ambition through two significant agreements.
The two new MOUs include a new agreement between Department for
International Trade (DIT) and Qatar’s Investment Promotion
Agency, to help British businesses such as to enter the Qatari
market. The collaboration will provide information to companies
on strategic investment opportunities and provide guidance on
market entry options.
On top of this, DIT also opened the UK export market to Qatar for
the supply of vitamins and supplements, enabling Holland &
Barrett to export these products to the country.
Nick Parker, Director of International Development,
Holland & Barrett said:
Holland and Barrett’s mission is to make health and wellness a
way of life for everyone and through our two franchise stores in
Qatar we have been able to serve our customers there since 2015,
however until now our franchise partner has been unable to offer
our own range of vitamins and supplements.
During the JETCO, UK Export Finance (UKEF) signed a memorandum
with Qatar Development Bank to boost efforts between the UK and
Qatari companies by sharing expertise on export finance,
insurance products and cooperation on projects which involve both
UK and Qatari goods and services.
The meeting of Ministers concluded with the signing of a Joint
Statement outlining commitments to tackling market access issues
on both sides and growing trade in a range of priority sectors,
including healthcare and life sciences, education, and food and
drink.
The next meeting of the JETCO will be organised by the State of
Qatar’s Ministry of Commerce and Industry and will be held in
Doha in 2023.
