With the announcement of two key agreements to further trade and investment, the UK strengthened its ties with the third biggest trading partner in the Gulf.
Today [August 24] in London, UK, Trade Minister Ranil Jayawardena met with Qatar’s Minister of Commerce and Industry, H.E. Sheikh Mohammed bin Hamad Al-Thani, to discuss the third UK-Qatar Joint Economic and Trade Committee’s new partnerships (JETCO).
This follows the beginning of talks with the Gulf Cooperation Council (GGC) in June to establish a free trade deal.
An deal with the GCC presents a chance to expand a total trade relationship that will be worth £32.4 billion in 2020, removing trade obstacles and bolstering employment throughout the whole UK.
Ranil Jayawardena, the minister of international trade, said:
For Britain, Qatar is a significant trading and investment partner. In order to increase the resilience and prosperity of our economies, I think we should cultivate and maximise the strength of our partnership.
We are determined to take action to further strengthen our trade and investment ties with Qatar, and today’s JETCO sends a strong message about our goals by signing two important agreements.
A new agreement between Qatar’s Investment Promotion Agency and the Department for International Trade (DIT) is one of the two new MOUs that will assist British companies like yours in entering the Qatari market.
The partnership will educate businesses about potential strategic investment possibilities and provide advice on routes to the market.
In addition, DIT allowed Holland & Barrett to sell vitamins and supplements to Qatar via the opening of the UK export market to that nation.
Holland & Barrett’s Nick Parker, Director of International Development, stated:
Since 2015, we have been able to serve our customers in Qatar through our two franchise stores. However, up until this point, our franchise partner has not been able to provide our own line of vitamins and supplements.
Holland and Barrett’s mission is to make health and wellness a way of life for everyone.
UK Export Financing (UKEF) and Qatar Development Bank inked a pact at the JETCO to strengthen efforts between UK and Qatari businesses by exchanging knowledge on export finance, insurance products, and collaboration on projects involving both UK and Qatari goods and services.
A Joint Statement detailing agreements to address market access challenges on both sides and increase trade in a number of key areas, including healthcare and life sciences, education, and food and drink, was signed by the Ministers at the end of their meeting.
The Ministry of Commerce and Industry of the State of Qatar will host the JETCO’s subsequent conference in Doha in 2023.