To deepen bilateral ties in the monetary sector, the primary assembly of India-UK Financial Markets Dialogue was held on Thursday late night, a finance ministry assertion mentioned, including the dialogue was established on the tenth Economic and Financial Dialogue (EFD) in October 2020.
The government-to-government dialogue centered on 4 themes — GIFT (Gujarat International Finance Tec-City) City, India’s flagship worldwide monetary centre, banking and funds, insurance, and capital markets, it added.
Following the government-to-government dialogue, personal sector companions had been invited to the dialogue, the assertion mentioned.
At the assembly, Indian and UK individuals mentioned issues relating to the insurance sector, together with home updates on the influence of COVID-19, alternatives to encourage UK funding in the Indian market, and the UK Solvency II Call for Evidence.
Participants additionally took inventory of capital markets cooperation, it mentioned, including the UK outlined progress on regulatory reforms, together with by the Wholesale Markets Review and the Lord Hill Listings Review.
There was additionally a productive dialogue on alternatives for elevated cross-border exercise, together with an replace from India on the implementation of the direct itemizing coverage, in accordance to the assertion.
As the 2 companies pushed economies, either side agreed that there’s vital scope for strengthening monetary companies cooperation between India and the UK, it mentioned.
“Both sides agreed to continue to engage bilaterally on these areas in the coming months, in the run-up to the next EFD and the beginning of negotiations for a future India-UK FTA, both expected to take place later this year,” it mentioned.
The assertion mentioned individuals offered updates on their respective banking and funds landscapes, to enhance cross-border exercise in this space.
The Bank of England mentioned its work on cyber resilience and either side additionally recognised the important thing function the banking sector has performed in sustaining stability through the COVID-19 pandemic.
The dialogue was led by senior officers from the Finance Ministry and UK Treasury, with participation from Indian and UK impartial regulatory businesses, together with the Reserve
, Securities and Exchange Board of India, International Financial Services Centre Authority, Insurance Regulatory and Development Authority of India, the Bank of England, and the Financial Conduct Authority.