India, UK hold 13th Economic and Financial Dialogue in London

During the 13th EFD, the UK announced 400 million euros in export and investment deals with India.

HM Treasury, the UK government's economic and finance ministry, wrote in a post on X, "We've announced 400m in export and investment deals with India, boosting our tech and financial sectors. India, our 11th largest trading partner, is set to become the world's third-largest economy by 2028. These deals will drive growth as part of our Plan for Change."

https://x.com/hmtreasury/status/1909986718113001505

In a release, the Ministry of Finance said, "The Indian delegation is comprised of the Finance Secretary, Chairman IFSCA, Whole Time Member from SEBI, and other senior officers from the 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 release added.

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

https://x.com/FinMinIndia/status/1909994449981124754

In a post on X, the Ministry of Finance wrote, "Union Minister for Finance and Corporate Affairs Smt. @nsitharaman met Ms. @RachelReevesMP, Chancellor of the Exchequer of the United Kingdom, at 11 Downing Street, in London, yesterday."

https://x.com/FinMinIndia/status/1909979693794676955

During the 13th UK-India Economic and Financial Dialogue (EFD) Rachel Reeves, Chancellor of the Exchequer, said, "In a changing world, it is imperative we go further and faster to kickstart economic growth. We have listened to British businesses, which is why we're negotiating trade deals with countries across the world, including India, so we can support them and put more money in people's pockets as part of our Plan for Change. Our relationship with India is longstanding and broad and I am delighted with the progress made throughout this dialogue to develop it further."

The finance ministers of India and UK in a joint statement said, "We, the Finance Ministers of the United Kingdom and India, met today in London, United Kingdom, for the 13th Economic and Financial Dialogue (13th EFD). We celebrate the continued strength and potential of the economic partnership between India and the UK, building towards a comprehensive and strategic partnership."

The statement added, "We have a shared ambition to ensure economic stability, increase investment, and reform our economies to drive growth and prosperity across both our countries. We celebrate our strong economic partnership, with bilateral trade valued at over 40 billion euro and significant foreign direct investment stocks in both directions." (ANI)