- NEW DELHI — Amid the changing world trade order, India and the UK have
reaffirmed their commitment to furthering the bilateral relations between the
two nations, including continuing negotiations at pace towards a mutually
beneficial Free Trade Agreement (FTA) and Bilateral Investment Treaty (BIT).
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- This was the key outcome of the ‘13th Economic and Financial
Dialogue’ in London, co-chaired by Union Finance Minister Nirmala Sitharaman
and Rachel Reeves, Chancellor of the Exchequer, UK.
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- “The UK side was pleased to update on its forthcoming
Industrial Strategy, where partnership can support the Industrial Strategy’s
priority growth-driving sectors, such as advanced manufacturing and life
sciences, where UK expertise and research capability can complement India’s
emerging role as a global manufacturing hub, as well as in clean energy, professional
and business services, financial services, the creative industries, and defence
to support jobs and economic growth,” according too a join statement issued
after the event.
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- Both sides look forward to the signing of the ‘India-UK
Defence Industrial Roadmap’ to strengthen ties between industrial sectors and
support supply chains.
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- India and the UK also welcomed the financial services trade
over recent years and commit to work together to grow this further.
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- “The Financial Markets Dialogue (FMD) held in GIFT City
IFSC, India, in December 2024, provided an opportunity to deepen our
cooperation across banking, insurance, pensions, capital markets, and
sustainable finance, and our teams will meet for the next FMD in London later
this year,” according to the joint statement.
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- The UK welcomed the approval granted to insurance companies
in GIFT IFSC to invest overseas and the proposal under consideration to enable
pension companies in GIFT IFSC to invest overseas.
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