The 12th Ministerial India-UK Economic and Financial Dialogue (EFD) convened in New Delhi on September 11, reaffirming the robust financial partnership between the two nations. Under the leadership of Nirmala Sitharaman, Union Minister for Finance and Corporate Affairs of India, and Jeremy Hunt, MP, Chancellor of the Exchequer of the United Kingdom, the dialogue centered on bolstering financial services, infrastructure development, and sustainable finance.
Both India and the UK expressed their unwavering commitment to strengthening their collaboration in financial services. They acknowledged each other’s unique strengths and shared objectives of financial inclusion and sustainable development. The discussions also highlighted India’s efforts to foster financial services and investments within the Gujarat International Finance Tec-City (GIFT IFSC), with the UK pledging support for these endeavors.
A pivotal moment during the dialogue was the introduction of the “India-UK Infrastructure Finance Bridge.” This collaborative initiative aims to leverage expertise and investments to bolster India’s National Infrastructure Pipeline, signifying a mutual dedication to advancing infrastructure development.
Furthermore, the dialogue underscored the importance of knowledge sharing, cooperation, and mutual assistance across a spectrum of domains, including infrastructure development, FinTech collaboration, and sustainable finance. These initiatives are aligned with both nations’ long-term growth objectives.
The dialogue culminated with the adoption of a Joint Statement, jointly issued by Sitharaman and Hunt, which reaffirmed the shared vision for economic and financial cooperation between India and the UK.
The participants in this dialogue included representatives from India’s Ministry of Finance, Ministry of External Affairs, Reserve Bank of India, Securities and Exchange Board of India, and the International Financial Services Centres Authority. They were joined by counterparts from the UK Treasury, the Bank of England, and the Financial Conduct Authority.
In addition to the EFD, ministers from both countries actively engaged in the India-UK Financial Partnership (IUKFP) meeting, co-chaired by Uday Kotak and Bill Winters. This meeting fostered collaboration between key business leaders from India and the UK and included representatives from financial regulatory bodies. Discussions encompassed policy papers and strategies aimed at promoting deeper financial exchange and cooperation between India and the UK.
