India and UK reaffirm their commitment to continue collaboration in financial services sector, FinTech and Digital economy and between the respective regulatory bodies; collaboration at bilateral and multilateral fora to address mutual and global economic issues

13th EFD concludes with adoption of Joint Statement by Union Finance Minister of India and Chancellor of Exchequer of United Kingdom

The 13th Ministerial meeting of the India-UK Economic and Financial Dialogue (13^th EFD) was held today at London. The Indian delegation, led by Smt. Nirmala Sitharaman, Union Minister for Finance and Corporate Affairs, held high-level discussions with the UK delegation led by the Chancellor of the Exchequer, The Rt. Hon. Rachel Reeves.

The Indian delegation comprised of the Finance Secretary, Chairman IFSCA, Whole Time Member from SEBI and other senior officers from Ministry of Finance and Indian High Commission in London. Governor RBI also attended the meeting in virtual mode. The UK delegation included the Governor of Bank of England, FCA CEO, Economic Secretary of Treasury, and senior officials from HM’s Treasury.

Both sides reaffirmed their commitment to continue collaboration in financial services sector, FinTech and Digital economy and between the respective regulatory bodies; collaboration at bilateral and multilateral fora to address mutual and global economic issues including mobilising affordable finance and investment for low carbon economic growth, taxation matters and illicit financial flows.

Both sides welcomed the recent announcement of UK universities establishing campus in India, release of report of the India-UK Financial Partnership (IUKFP) on direct listing in IFSC GIFT City, launching of new private sector workstream on green finance, under the auspices of the IUKFP and other new areas of focus.

The 13^th EFD concluded with the adoption of the Joint Statement by Union Finance Minister of India and Chancellor of Exchequer of United Kingdom.

Annexure:

JOINT STATEMENT OF 13^TH INDIA-UK ECONOMIC AND FINANCIAL DIALOGUE

Financial services collaboration secured, with regulatory cooperation and a joint statement advancing green finance and direct listing initiatives. 13th India-UK Economic and Financial Dialogue records a renewed bilateral commitment to sustained cooperation in the financial services sector, FinTech and the digital economy, emphasising regulatory cooperation and coordination at bilateral and multilateral fora to mobilise affordable finance for low carbon growth, address taxation and illicit financial flows; the meeting welcomed UK university campus initiatives in India, a report under the India UK Financial Partnership on direct listing in IFSC GIFT City and the launch of a private sector workstream on green finance, and concluded with adoption of a Joint Statement.