The UK enhanced its relationship with the UK’s third largest Gulf buying and selling accomplice, asserting two important agreements to spice up commerce and funding.
UK commerce minister Ranil Jayawardena met Qatar’s Minister of Commerce and Trade H.E. Sheikh Mohammed bin Hamad Al-Thani in London yesterday to agree the brand new partnerships on the third UK-Qatar Joint Financial and Commerce Committee (JETCO).
It comes after the launch of negotiations on a free commerce settlement with the Gulf Cooperation Council (GGC) in June. An settlement with the GCC is a chance to develop an total commerce relationship value £32.4 billion in 2020, breaking down boundaries to commerce and supporting jobs throughout the entire of the UK.
Minister for Worldwide Commerce, Ranil Jayawardena, mentioned:
Qatar is a crucial commerce and funding accomplice for Britain. I imagine we must always nurture and maximise the energy of our relationship to make our economies extra resilient and affluent.
We’re dedicated to taking steps to additional deepen the commerce and funding relationship we share with Qatar, and at the moment’s JETCO indicators our ambition via two important agreements.
The 2 new MOUs embrace a brand new settlement between Division for Worldwide Commerce (DIT) and Qatar’s Funding Promotion Company, to assist British companies akin to to enter the Qatari market. The collaboration will present data to corporations on strategic funding alternatives and supply steering on market entry choices.
On high of this, DIT additionally opened the UK export market to Qatar for the availability of nutritional vitamins and dietary supplements, enabling Holland & Barrett to export these merchandise to the nation.
Nick Parker, Director of Worldwide Growth, Holland & Barrett mentioned:
Holland and Barrett’s mission is to make well being and wellness a lifestyle for everybody and thru our two franchise shops in Qatar we now have been in a position to serve our clients there since 2015, nevertheless till now our franchise accomplice has been unable to supply our personal vary of nutritional vitamins and dietary supplements.
In the course of the JETCO, UK Export Finance (UKEF) signed a memorandum with Qatar Growth Financial institution to spice up efforts between the UK and Qatari corporations by sharing experience on export finance, insurance coverage merchandise and cooperation on tasks which contain each UK and Qatari items and providers.
The assembly of Ministers concluded with the signing of a Joint Assertion outlining commitments to tackling market entry points on either side and rising commerce in a variety of precedence sectors, together with healthcare and life sciences, schooling, and foods and drinks.
The subsequent assembly of the JETCO will probably be organised by the State of Qatar’s Ministry of Commerce and Trade and will probably be held in Doha in 2023.
