NEW DELHI: Union finance minister Nirmala Sitharaman and United Kingdom chancellor of exchequer Rachel Reeves on Wednesday reiterated the dedication of the 2 governments to strengthen ties between the 2 nations and stated, each side are “continuing negotiations at pace” in the direction of a “mutually beneficial” free commerce settlement (FTA) and bilateral funding treaty.
India’s finance minister Nirmala Sitharaman communicate in the course of the India-UK Financial and Monetary Dialogue (EFD), on the London Inventory Change Group in central London on Wednesday. (AP)
The finance ministers of the 2 nations met in London for the thirteenth Financial and Monetary Dialogue (thirteenth EFD) and reiterated their dedication to construct a complete and strategic partnership between the 2 nations, a finance ministry assertion stated.
A prime official conscious of India-UK free commerce negotiations stated the talks are on a fast-track.
India-UK FTA talks began on January 13, 2022 and initially moved rapidly however later bought caught over key points corresponding to India’s excessive tariffs on cars and Scotch whiskies, aside from the British sensitivity over immigration points. The 2 companions, nonetheless, resumed the FTA negotiations in February 2025 which was paused in the course of the 14th spherical in Could 2024 after a spot of eight months.
The Indian delegation within the thirteenth EFD contains the nation’s finance secretary and senior officers from the ministry of finance and Indian Excessive Fee in London. Reserve Financial institution of India (RBI) governor Sanjay Malhotra additionally attended the assembly in digital mode. The UK delegation included the governor of the Financial institution of England, financial secretary of treasury and senior officers of the UK.
Either side reaffirmed their dedication to proceed collaboration in monetary providers sector, fintech and digital financial system and between the respective regulatory our bodies; collaboration at bilateral and multilateral fora to handle mutual and world financial points together with mobilising inexpensive finance and funding for low carbon financial progress, taxation issues and illicit monetary flows.
The finance ministry assertion stated each side additionally welcomed the latest announcement of UK universities establishing campus in India, launch of report of the India-UK Monetary Partnership (IUKFP) on direct itemizing in IFSC GIFT Metropolis, launching of latest personal sector workstream on inexperienced finance, below the auspices of the IUKFP and different new areas of focus.
The thirteenth EFD concluded with the adoption of the joint assertion by the 2 ministers that famous the resolve of the 2 companions for “a shared ambition” to make sure financial stability, improve funding, and reform economies to drive progress and prosperity throughout each nations.
“We celebrate our strong economic partnership, with bilateral trade valued at over £40bn and significant foreign direct investment stocks in both directions,” the joint assertion stated.’’
Either side additionally famous the potential for “greater internationalisation” of the Indian rupee, welcome India allowing the opening of rupee accounts in abroad jurisdictions, and comply with discover the function that London as a worldwide monetary centre and hub for overseas trade can play in supporting the internationalisation of India’s foreign money, it stated.
“Both sides look forward to exploring the opportunity for collaboration in pensions and insurance funds, recognising that greater international investment can lower the cost of capital, support domestic pensions and insurance needs, and drive shared economic growth,” it stated.