Finance Minister Leads Indian Delegation in 10th Round of
Ministerial UK-India Economic and Financial Dialogue
Union Minister for Finance & Corporate Affairs Smt.
Nirmala Sitharaman led the Indian Delegation in the 10th
Round of Ministerial UK-India Economic and Financial Dialogue (EFD), held on 28
October 2020 in 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, Mr 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
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. Hon’ble Finance
Minister highlighted that 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 Smt. Nirmala Sitharaman
and Chancellor of Exchequer of United Kingdom Mr
Rishi Sunak.