The 12th India-United Kingdom Economic and Financial Dialogue (EFD) Ministerial Round took place in New Delhi on 11th September 2023. The Indian delegation was headed by Smt. Nirmala Sitharaman, the Union Minister for Finance and Corporate Affairs, while the U.K. delegation was led by Rt. Mr. Jeremy Hunt, MP, who serves as the Chancellor of the Exchequer in the U.K.
India and the UK reaffirmed their dedication to enhance their cooperation in the realm of Financial Services. They aim to leverage each other’s strengths to foster financial inclusion and sustainable development, aligning with their shared objectives. There was a positive outlook regarding India’s efforts to promote financial services and investment in the GIFT International Financial Services Centre (IFSC), and the UK’s commitment to providing support in this endeavour.
Both parties also discussed the prospect of strengthening their collaboration on macroeconomic and multilateral matters. Additionally, they unveiled the India-UK Infrastructure Finance Bridge, a joint effort aimed at utilizing expertise and investments to support India’s National Infrastructure Pipeline.
The Dialogue concluded with both the Union Finance Minister of India and the Chancellor of the Exchequer of the United Kingdom agreeing to a Joint Statement. The UK expressed its approval of India’s recent decision to allow Indian companies to list their equity shares on international exchanges within GIFT IFSC, which will simplify investment opportunities for UK-based entities interested in Indian companies.
The UK also welcomed India’s consideration of the potential for domestic firms to directly list their securities on the London Stock Exchange and other foreign jurisdictions in the future.
Both sides welcome the progress on the international work on crypto assets under India’s G20 Presidency, including the finalisation of the FSB’s high-level recommendations on crypto assets and global stablecoin arrangements, and the IMF’s work on the macroeconomic issues.
The countries also welcomed the IMF-FSB Synthesis Paper including the Roadmap on crypto-assets. The adoption and implementation of the Roadmap on crypto- assets will be an important step towards achieving a globally coordinated and coherent policy framework for crypto assets that will help prevent regulatory arbitrage.
During the Dialogue event, the Ministers also took part in the India-UK Financial Partnership (IUKFP) meeting, which was co-led by Mr. Uday Kotak and Mr. Bill Winters. This meeting involved prominent business figures from India and the UK, along with representatives from financial regulatory bodies in both nations.
Among other topics, the IUKFP meeting engaged in conversations about policy documents and proposals aimed at fostering greater financial interaction and cooperation between the two countries.
The upcoming Economic and Financial Dialogue (EFD) will be held in London in the year 2024.
Access Joint Statement of 12th India-UK Economic and Financial Dialogue here.
Access Joint Statement of India-UK Infrastructure Financing Bridge here.
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