India-UK Economic and Financial Dialogue: Strengthening Bilateral Ties and Future Collaboration

The meeting focused on reaffirming the two countries’ strong commitment to enhancing cooperation in critical sectors such as financial services, fintech, and the digital economy.

The 13th Ministerial meeting of the India-UK Economic and Financial Dialogue (EFD) took place today in London, marking another important milestone in the ongoing collaboration between the two nations. The meeting was led by Smt. Nirmala Sitharaman, the Union Minister for Finance and Corporate Affairs of India, and the UK delegation was headed by The Rt. Hon. Rachel Reeves, Chancellor of the Exchequer.

The high-level discussions saw the Indian delegation, comprising senior officials from the Ministry of Finance, Indian High Commission in London, including the Finance Secretary, Chairman of the International Financial Services Centres Authority (IFSCA), and a Whole Time Member from the Securities and Exchange Board of India (SEBI). The Reserve Bank of India (RBI) Governor participated virtually in the meeting. On the UK side, the delegation included the Governor of the Bank of England, the CEO of the Financial Conduct Authority (FCA), the Economic Secretary to the Treasury, and senior officials from HM Treasury.

The meeting focused on reaffirming the two countries’ strong commitment to enhancing cooperation in critical sectors such as financial services, fintech, and the digital economy. Discussions emphasized the importance of regulatory collaboration between the respective countries' financial bodies, as well as multilateral cooperation at global fora to address key issues such as mobilizing affordable finance, supporting low-carbon economic growth, tackling illicit financial flows, and streamlining taxation matters.

Both sides expressed their mutual enthusiasm over a number of recent announcements that are set to deepen economic and financial ties. Notably, the UK’s decision to establish university campuses in India was welcomed as a significant development in the realm of educational and cultural collaboration. Furthermore, the release of a report by the India-UK Financial Partnership (IUKFP) on the subject of direct listing in the International Financial Services Centre (IFSC) at GIFT City was seen as a major step forward in aligning the two nations’ financial markets.

The creation of a new private-sector workstream focused on green finance was another key highlight of the discussions. This initiative, under the IUKFP, will help to foster collaboration in the area of sustainable finance, allowing both nations to leverage each other’s expertise and resources in driving investment toward green and sustainable initiatives.

The talks also covered broader economic and financial issues, such as the promotion of cross-border investment and the facilitation of international trade, particularly in areas related to digital payments, financial technology, and innovation in financial services. With the global economy navigating significant challenges, both sides emphasized the importance of robust financial partnerships and stronger economic relations in driving shared prosperity.

The 13th EFD concluded with the adoption of a Joint Statement, signaling a renewed commitment from both India and the United Kingdom to work closely together in fostering economic growth, innovation, and sustainability. The Joint Statement was signed by Smt. Nirmala Sitharaman, the Union Finance Minister of India, and The Rt. Hon. Rachel Reeves, Chancellor of the Exchequer of the United Kingdom, marking the successful conclusion of this high-level dialogue.

This dialogue serves as a testament to the deepening India-UK economic ties, and the outcomes of the meeting are expected to bring about tangible benefits for both nations in the near future, especially in sectors such as financial services, education, and green finance.