UK agrees two deals with major gulf trading partner

UK and Qatar ministers have met 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 its third largest Gulf trading partner, announcing two significant agreements to boost trade and investment.

UK trade minister Ranil Jayawardena met Qatar 's Minister of Commerce and Industry H.E. Sheikh Mohammed bin Hamad Al-Thani in London 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.

Mr Jayawardena 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.

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.