Both sides agreed to continue working bilaterally in these areas in the coming months in the run-up to the next EFD and the start of negotiations on a future India-UK free trade agreement, which is expected to take place later this year, he said. the Ministry.
India and the UK discussed Gujarat City of International Finance Technology (GIFT), banking and payments, insurance and capital markets during the initial dialogue on the Indian and UK financial markets to deepen the two countries’s bilateral ties in the financial sector. Dialog was founded at the X Economic and Financial Dialogue (EFD) in October 2020 to deepen bilateral relations in the financial sector.
Financial cooperation is one of the pillars of the Roadmap 2030 that the two countries adopted at the recent meeting of the two prime ministers, and the IndiaUK Financial Market Dialogue is one of the key elements of this financial cooperation.
In addition, the participants took stock of the cooperation in the capital markets. The ministry noted, “There has also been a productive discussion on opportunities for increased cross-border activity, including an update from India on the implementation of the direct listing policy.” Both sides agreed to continue working bilaterally in these areas in the coming months in the run-up to the next EFD and the start of negotiations on a future India-UK free trade agreement, which is expected to take place later this year, he said. the Ministry. The City of London Corporation’s IndiaUK Capital Markets Task Force presented recommendations from their recently published paper, “Unlocking the Potential of India’s Debt Capital Markets”.
The report focused on improving the ecosystem of India’s debt capital markets as well as making it easier for Indian companies to raise capital internationally to support India’s growth potential, infrastructure needs and sustainable energy capacity of the country. Primary Issues, Secondary Markets, Tax Regulations, Market Ecosystem, and ESG.
The City of London Corporation’s Capital Markets Working Group presented its work on the Indian corporate bond market and the IndiaUK Finance Association presented its recommendations on the UK-India financial services relationship.
“At the meeting, participants from India and the UK discussed the progress of the strategic partnership between the UK and India GIFT City. Both sides agreed on areas for further cooperation, including sustainable finance and technology presence of UK industry at the centre,” added this
Participants provided information on their respective banking and payment landscape to increase cross-border activity in this area
The Bank of England discussed its work on cyber resilience. Both parties also recognised the key role played by the Banking sector played in maintaining stability during the Covid19 pandemic.
Participants discussed matters related to the insurance sector, including national updates on the impact of Covid19, ways to encourage further UK investment in the Indian market and the UK Solvency II test call. The dialogue was led by senior officials from the Indian Treasury and the UK Treasury, with the participation of independent regulators from India and the UK including the Reserve Bank of India, the Stock Exchange Board and Securities of India, the Authority of the Centre for International Financial Services , the Insurance Commission of India, the Bank of England and the Financial Conduct Authority.