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New Delhi : Union Finance & Corporate Affairs Minister Nirmala Sitharaman led the Indian Delegation in the 10th Round of Ministerial UK-India Economic and Financial Dialogue (EFD), held here on October 28, 2020, virtually through video conferencing.
The Indian delegation included representatives from Ministry of Finance, Reserve Bank of India, and Securities and Exchange Board of India (SEBI). The UK delegation was led by Chancellor of Exchequer Rishi Sunak, with representatives from Her Majesty’s Treasury, Bank of England, and Financial Conduct Authority (FCA).
India and the United Kingdom enjoy close bilateral relations in diverse areas. India-UK economic ties are important as together they are two of the world’s top seven economies with a combined GDP of over $5 trillion. India-UK trade has more than doubled since the first EFD in 2007, with bilateral investment supporting over half a million jobs across both countries, according to a PIB release.
The Dialogue, inter alia, covered sharing of experiences on corona virus response, to enable both countries to be enriched through experiences of the other and collaboration in the G20 on finance track matters, including through G20 Framework Working Group and Debt Service Suspension Initiative (DSSI).
Issues related to international tax agenda including development of inclusive consensus based solution on the taxation of digital economy was discussed. Deliberations on furthering of Financial Services Collaboration with special emphasis on Fin-Tech and GIFT City, establishment of an annual India-UK Financial Market Dialogue and measures underway to reform financial markets were also discussed. Infrastructure development and promotion of Sustainable Finance were also discussed with a focus on green finance.
It was also decided to establish bilateral India- UK Sustainable Finance Forum. Private sector initiatives under India-UK Financial Partnership (IUKFP) and India-UK Sustainable Finance Working Group were welcomed. Finance Minister (FM) Sitharaman highlighted the work being done by India’s National Infrastructure Pipeline (NIP) and the City of London to ensure flows of sustainable finance.
The Dialogue concluded with the formal signing of the Joint Statement by Finance Minister of India Nirmala Sitharaman and Chancellor of Exchequer of United Kingdom Rishi Sunak.