The Dialogue saw government-to-government discussions to strengthen cooperation on four key themes: Gujarat International Finance Tec (GIFT) City; banking and payments; insurance, and; capital markets. It was headed by senior officials from Her Majesty’s Treasury and the Indian Ministry of Finance, with input from independent UK and Indian regulators.
The establishment of the Financial Markets Dialogue to strengthen cooperation in financial services and remove regulatory barriers for UK and Indian businesses was agreed during the Tenth Economic and Financial Dialogue (EFD) between the UK and India by Chancellor Rishi Sunak and Minister of Finance Nirmala Sitharaman last year.
Bilateral trade between the UK and India was over £ 18 billion in 2020, with India being the UK’s second-largest source of investment in terms of number of projects. British and Indian investments support nearly half a million jobs in their respective economies. In May this year, Prime Minister Boris Johnson and Prime Minister Narendra Modi announced their ambition to double the value of UK-India trade over the next decade as well as a joint intention to start to work towards negotiations on a comprehensive free trade agreement (FTA). .
Alex Ellis, British High Commissioner to India, said:
The 2030 roadmap agreed by Prime Ministers Modi and Johnson aims for a transformation in UK-India relations, especially as we seek to rebuild better from Covid-19. Today’s first Financial Markets Dialogue will strengthen ties on financial services and create new opportunities for UK and Indian businesses. I am happy to note the considerable progress we have already made towards the next economic and financial dialogue between our finance ministers.
The joint statement on the Financial Markets Dialogue is available on Gov.uk, here.
Independent regulatory agencies participating today included the Reserve Bank of India, the Securities and Exchange Board of India, the International Financial Services Center Authority, the Insurance Regulatory and Development Authority of India, the Bank of England and the Financial Conduct Authority.
The full list of the Tenth UK-India Economic and Financial Dialogue Agreements is available here.
The public consultation for an FTA between the UK and India was launched on May 25 by International Trade Secretary Liz Truss. Through the consultation, the UK engages closely with business and seeks views on trade relations with India, which will inform the UK’s approach and mandate. It is scheduled to end on August 31, 2021.
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