India, UK Hold First Financial Markets Dialogue Via Virtual Meet
- IBEF
- July 9, 2021
According to the British High Commission (BHC), on Thursday, India and the UK held the Financial Markets Dialogue (FMD) to strengthen bilateral financial ties. Government-to-government discussions took place in the Dialogue to expand collaboration on four key themes: Gujarat International Finance Tec (GIFT) City, insurance, capital markets, banking and payments.
As per a mutual statement from UK-India 1st Financial Markets Dialogue, stated, "On July 8, 2021, senior representatives from the Indian Ministry of Finance and HM Treasury held the 1st UK-India Financial Markets Dialogue."
According to BHC, representatives from Indian regulatory associations and independent British also participated in the discussion. In 2020, at the tenth Economic and Financial Dialogue (EFD) between India and the UK, Finance Minister, Ms. Nirmala Sitharaman and Chancellor Mr. Rishi Sunak agreed to form the Financial Markets Dialogue to boost financial services collaboration and address regulatory impediments for UK and Indian companies.
In 2020, bilateral trade between India and the UK was worth > £ 18 billion (US$ 24.79 billion), with India being the UK's second-biggest resource of investment in terms of project volume. ~ 0.5 million employees are backed by Indian and British investments in each other's market.
BHC said, "In May 2021, Prime Minister, Mr. Narendra Modi and Prime Minister, Mr. Boris Johnson announced their aspiration to double the UK-India trade value over the next decade as well as a mutual aim to commence work towards discussions on a comprehensive free trade agreement (FTA)."
Mr. Alex Ellis, British High Commissioner to India, said, "The Roadmap 2030 agreed by Prime Ministers Mr. Modi and Mr. Johnson intends for the UK-India alliance transformation, especially as we aim to move above the pandemic. The first Financial Markets Dialogue would boost ties on financial services and build new prospects for the UK and Indian businesses. I'm delighted to see the solid development we have already made forward of the future Economic and Financial Dialogue scheduled between our finance ministers."
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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