The 11th India-United Kingdom Economic and Financial Dialogue (EFD) was held here, virtually chaired by Indian Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman and the United Kingdom Treasury Chancellor Mr. 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 discussions on 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 today 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.

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.

Enclosure:

1.  Joint Statement of 11th India-UK Economic and Financial Dialogue

2.  Joint Statement of Climate Finance Leadership Initiative Partnership

Sustainable finance cooperation advances with CFLI partnership launched to mobilise private and multilateral capital across markets. Bilateral dialogue emphasised deepening Financial Services collaboration, with focus on FinTech, GIFT City and market reform, and launched a Climate Finance Leadership Initiative partnership to coordinate financial institutions, corporates, and sustainable finance initiatives to accelerate mobilisation of capital through multilateral and private channels, including exchange of experience on sovereign green bond issuance; the talks ended with adoption of joint statements recording the agreed cooperative framework.