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India, UK see scope to strengthen financial services cooperation

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Both countries discuss progress on the UK-India GIFT City strategic partnership

NEW DELHI : India and the UK, on Thursday, agreed on areas of further collaboration at Gujarat’s GIFT City, including sustainable finance and fintech, with the aim of supporting increased UK industry presence in GIFT City, which is India’s only international financial services centre.

This came at the inaugural meeting of the India-UK Financial Markets Dialogue held through virtual mode on Thursday evening. At the meeting, Indian and UK participants discussed progress on the UK-India GIFT City Strategic Partnership, an official release said.

The first meeting of the India-UK Financial Markets Dialogue discussed four themes — GIFT City, banking and payments, insurance and capital markets.

Capital markets and insurance

Participants also took stock of capital markets cooperation. The UK outlined progress on regulatory reforms, including through the Wholesale Market’s Review and the Lord Hill Listings Review. There was also a productive discussion on opportunities for increased cross-border activity, including an update from India on implementation of the direct listings policy, the release added.

Participants discussed matters relating to the insurance sector including domestic updates on the impact of Covid-19, opportunities to encourage increased UK investment in the Indian market and the UK Solvency II Call for Evidence.

Banking and payments

Participants provided updates on their respective banking and payments landscapes, with a view to increase cross-border activity in this area. The Bank of England discussed its work on cyber resilience. Both sides also recognised the key role the banking sector has played in maintaining stability during the Covid-19 pandemic.

Both sides agreed to continue to engage bilaterally on these areas in the coming months, in the run-up to the next economic and financial dialogue and the beginning of negotiations for a future India-UK FTA, both expected to take place later this year.

It may be recalled that the India-UK Financial Markets Dialogue was established at the 10th Economic and Financial Dialogue in October 2020 to deepen bilateral ties in the financial sector. Financial cooperation is one of the key pillars of the 2030 roadmap adopted by the two countries during the recent meeting of the two Prime Ministers and the India-UK Financial Market Dialogue is one of the key elements of this financial cooperation.

Source : The Hindu Businessline

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