The British High Commission in India has confirmed that the 12th UK-India Economic and Financial Dialogue is scheduled to be held in New Delhi on 11 September 2023 between the UK Treasury and Indian Finance Minister Nirmala Sitharaman. This Dialogue will be an opportunity to further strengthen economic ties.
The 11th India-United Kingdom Economic and Financial Dialogue (EFD) was held on September 2, 2001, virtually chaired by Indian Union Minister for Finance & Corporate Affairs Nirmala Sitharaman and the then United Kingdom Treasury Chancellor 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 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.
In this joint statement, Sitharaman and Sunak had said, “This is a moment of global leadership for both countries, with the UK presiding over the G7 and COP26, and India chairing the BRICS and set to chair the G20 Presidency in 2023, while being present on the UN Security Council during 2021-22. We reaffirm our commitment to cooperate through the multilateral system at this important time. We recognise the value of collaboration at the G20 to ensure momentum on its objectives and build consensus on international challenges, such as sustaining the economic recovery, digital taxation, climate change, global health governance and financial sector issues.
“We are proud of our cooperation as co-chairs of the G20 Framework Working Group. As we navigate through the crisis and look ahead to a strong, sustainable, balanced and inclusive global economic recovery, we highlight the need for enhanced bilateral as well as global coordination in view of divergent recoveries across and within countries. Building on the progress achieved in supporting and shaping global economic response to Covid-19 we continue to lead the work on updating the economic and financial response under the G20 Action Plan in light of the evolving path of the pandemic. We will continue to coordinate our efforts to steer international economic coordination towards strong, sustainable balanced and inclusive recovery in a post-pandemic world. The UK is committed to working closely on India’s G20 Presidency in 2023.”
