UK agrees two deals with major Gulf trading partner Qatar
The UK extended its ties with our third largest Gulf trading partner, announcing two important agreements to boost trade and investment.
Britain’s Trade Minister Ranil Jayawardene met with His Highness Sheikh Mohamed bin Hamad Al-Thani, Qatar’s Minister of Commerce and Industry, in London today [24 August] To agree on the new partnership at the 3rd UK-Qatar Joint Economic and Trade Committee (JETCO).
This comes after talks on a free trade agreement with the Gulf Cooperation Council (GGC) began 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 UK.
International Trade Minister Ranil Jayawardene said:
Qatar is an important trade and investment partner for the UK. I believe that we must nurture and maximize the strength of our relationships to make our economies more resilient and prosperous.
We are committed to taking steps to further deepen the shared trade and investment ties with Qatar, and today’s JETCO signals our ambition through two important agreements.
The two new MoUs include a new agreement between the Department for International Trade (DIT) and Qatar’s Investment Promotion Agency to help British businesses such as Qatar enter the market. The collaboration will provide companies with information on strategic investment opportunities and guidance on market entry options.
On top of this, DIT also opened the UK export market for Qatar to supply vitamins and supplements, allowing Holland and Barrett to export these products into the country.
Nick Parker, Director of International Development, Holland & Barrett, said:
Holland & Barrett’s mission is to make health and wellness a way of life for all and through our two franchise stores in Qatar we have been able to serve our customers since 2015, however till now our franchise partner is our own range unable to offer. of vitamins and supplements.
During JETCO, UK Export Finance (UKEF) signed a memorandum of understanding with the Qatar Development Bank to share expertise on cooperation between UK and Qatari companies on export finance, insurance products and projects, including UK and Qatari goods and services. Both are included.
The Ministers’ meeting concluded with the signing of a Joint Statement that outlined the commitments of both sides to tackle market access issues and increased trade in priority sectors including health care and life sciences, education and food and beverage.
The next meeting of JETCO will be organized by Qatar’s Ministry of Commerce and Industry and will be held in Doha in 2023.
