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New Delhi : The 11th India-United Kingdom Economic and Financial Dialogue (EFD) was held here on September 2, 2021, virtually chaired by Indian Finance & Corporate Affairs Minister Nirmala Sitharaman and the United Kingdom Treasury Chancellor Rishi Sunak.

The Indian delegation included Governor RBI, Chairman SEBI, Chairman IFSCA, Secretary, Economic Affairs, and other representatives from Ministry of Finance, Ministry of External Affairs, and Indian High Commission, UK.

The UK delegation included Governor Bank of England, CEO Financial Conduct Authority, Economic Secretary, and other representatives from UK HMT.

The dialogue, inter alia, covered  economic cooperation on multilateral issues, including G20 and COP26. Both sides deliberated on furthering of Financial Services collaboration with special emphasis on Fin-Tech and GIFT City, annual India-UK Financial Market Dialogue, and measures underway to reform financial markets. Infrastructure development and promotion of sustainable finance and climate finance were also discussed.

Private sector initiatives under India-UK Financial Partnership (IUKFP) and India-UK Sustainable Finance Working Group including its progress were also discussed. The Climate Finance Leadership Initiative (CFLI) India partnership was launched on September 2, 2021, by both sides which aims to work with financial institutions, corporates, and existing sustainable finance initiatives to accelerate efforts to mobilise capital into India. Both sides agreed to continue to work together to mobilise finances via multilateral and private means and sharing relevant experience, including of the UK’s upcoming sovereign green bond issuance, according to a PIB release

The 11th Economic and Financial Dialogue concluded with adoption of Joint Statement by Union Finance Minister and Chancellor of Exchequer of United Kingdom and release of the Joint Statement on Climate Finance Leadership Initiative (CFLI) India partnership.