India-UK Agree to Further Bilateral Economic Relations

India and the UK on Wednesday entered into agreements on financial services, infrastructure, and sustainable finance to boost investments in India and called for stable and transparent regulatory and tax regimes.

Meeting via videoconference as part of the 10th Economic and Financial Dialogue (EFD), finance minister Nirmala Sitharaman and her UK counterpart Rishi Sunak agreed to further economic ties between the two countries.

"The UK's monetary and budgetary relationship with India has never been more significant with the worldwide difficulties we face. Today we set out our desire for considerably more grounded ties, with an understanding that will build speculation and make and secure positions. We are likewise dedicated to cooperating to lead the worldwide financial recuperation as we work back better after the pandemic," Sunak said. 

The different sides underscored the significance of non-unfair treatment of unfamiliar financial specialists and a positive venture climate however didn't explicitly allude to the Vodafone charge contest in the joint



proclamation. "We concur on the significance of steady and straightforward business, administrative and charge systems, and will cooperate to deliver hindrances to energize maintainable two-sided venture," as indicated by the announcement.

They also agreed to strategic collaboration between the two countries to accelerate the development of the Gujarat International Finance Tec City (GIFT City), India’s first international financial services centre (IFSC), and promote greater links between it and the UK financial services ecosystem by bringing together governments, regulators and business to share experiences and expertise.

“The UK will support the work of the new IFSC authority by working with the new chair to share world-class regulatory expertise, including through a virtual study visit to the UK. This increased cooperation is underpinned by commercial partnerships, with Standard Chartered and HSBC opening offices in GIFT City in 2020, becoming the first foreign banks to be licensed to operate an international banking unit," according to the statement released by both sides.