New Delhi, Jul 9 (UNI): India and the United Kingdom will deepen the financial services relationship, focusing on banking, insurance and capital markets.
Senior officials of the two countries of held the first India-UK Financial Markets Dialogue on a virtual platform late Thursday evening.
Anand Mohan Bajaj, Additional Secretary at the Ministry of Finance, and Katharine Braddick, Director General Financial Services at Her Majesty’s Treasury, co-chaired the Dialogue, which was established at the 10th Economic and Financial Dialogue (EFD) in October 2020 to deepen bilateral ties in the financial sector.
They discussed a number of areas with a view to deepen the financial services relationship – focusing on four themes — GIFT (Gujarat International Finance Tec-City) City, India’s flagship international financial centre, banking and payments, insurance, and capital markets.
As two services-driven economies, both sides agreed that there is significant scope for strengthening the financial services cooperation between India and the UK, the two sides said in a joint statement.
The two nations also concurred to continue to engage bilaterally on these areas in the coming months, in the run up to the next EFD and the beginning of negotiations for a future India-UK FTA, which are expected to take place later this year.
Following the government-to-government discussion, private sector partners were invited to the discussion.
According to the finance ministry, the City of London Corporation’s Capital Markets Working Group presented its work on the Indian corporate bond market.
The India-UK Financial Partnership presented its recommendations on the UK-India financial services relationship, particularly on development of GIFT City as global services hub.