Chancellor of the United Kingdom Treasury, Mr. Rishi Sunak, and Indian Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman virtually presided over the 11th India-United Kingdom Economic and Financial Dialogue (EFD), held on the third of September, 2021.
As part of the Indian delegation, there were representatives from the Indian Finance and External Affairs Ministries, Governor RBI, Chairman SEBI, Chairman IFSCA, as well as from the Indian High Commission, UK.
The Financial Conduct Authority Chief Executive, Economic Secretary, and other UK HMT representatives were among the members of the UK delegation.
In addition to discussing multilateral issues such as G20 and COP26, the Dialogue also included discussions about economic cooperation in the private sector. Discussions focused on Fin-Tech and GIFT City, as well as on the annual India-UK Financial Markets Dialogue and current reform efforts in the financial markets. They also talked about infrastructure development and the promotion of sustainable finance and climate finance.
The dialogue also focused on the development of private sector initiatives under India-UK Financial Partnership(IUKFP) and the India-UK Sustainable Finance Working Group.
Both parties launched the Climate Finance Leadership Initiative (CFLI) India partnership, intending to work with financial institutions, corporations, and existing sustainable finance initiatives to accelerate efforts to mobilise capital into India.
Both sides deliberated to continue working together to mobilise funds through multilateral and private channels, as well as to share relevant experience, such as the UK's upcoming sovereign green bond issuance.
In light of strengthening the business environment, both ministers have endorsed the Enhanced Trade Partnership(ETP), which aims to double bilateral trade by 2030. Since the first EFD in 2007, trade between India and the United Kingdom has more than doubled.
UK presiding over G20 and COP26 while India chairing BRICS and set to chair the G20 presidency in 2026 - a moment of global leadership for both the countries.
The 11th India-United Kingdom Economic and Financial Dialogue (EFD) culminated with the adoption of a Joint Statement by the Union Finance Minister and Chancellor of Exchequer of United Kingdom as well as the release of the Joint Statement on Climate Finance Leadership Initiative (CFLI) India partnership.