India-UK hold 12th EFD in New Delhi

Oct 11: The 12th Round of Ministerial India-UK Economic and Financial Dialogue was held today in New Delhi. The Indian delegation was led by Smt. Nirmala Sitharaman, Union Minister for Finance and Corporate Affairs, and the U.K. delegation were led by Rt. Hon. Mr. Jeremy Hunt, MP, Chancellor of the Exchequer, U.K.

India and the UK reiterated the commitment to deepen their collaboration on Financial Services, building on each other’s strengths and supporting mutual aspirations towards financial inclusion and sustainable development. There was optimism in terms of the activities being done by India to promote financial services and investment in GIFT IFSC and the UK’s commitment to support the same.

The focus of the dialogue was also towards enhancement of the knowledge exchange, cooperation and support between India and the UK to further the infrastructure development priorities, robust FinTech partnership and Sustainable Finance towards long-term growth objectives.

Both sides also deliberated on enhancing mutual cooperation on macroeconomic and multilateral issues. The two countries announced the India-UK Infrastructure Finance Bridge, a collaborative initiative to leverage expertise and investment in support of India’s National Infrastructure Pipeline.

The Dialogue concluded with the adoption of the Joint Statement by the Union Finance Minister of India and the Chancellor of the Exchequer of the United Kingdom.

The meeting was also attended by the representatives from Ministry of Finance, the Ministry of External Affairs, the Reserve Bank of India, the Securities and Exchange Board of India and the International Financial Services Centres Authority. with representatives from the UK Treasury, Bank of England and the Financial Conduct Authority.

At the sidelines of the Dialogue, the Ministers also participated in the India-UK Financial Partnership (IUKFP) meeting co-chaired by Mr. Uday Kotak and Mr. Bill Winters. The participants included key business leaders from India and the UK as well as representatives from financial regulators from both countries.  The IUKFP meeting, inter alia, held discussions on policy papers as well as ideas for deeper financial exchange and collaboration between the two countries.

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