The UK and India have announced agreements on financial services, infrastructure, and sustainable finance at the 10th Economic and Financial Dialogue (EFD) between the two countries.
The agreements are expected to help boost jobs and investments in both countries while building economic ties.
“The UK’s economic and financial relationship with India has never been more important with the global challenges we face. Today we set out our ambition for even stronger ties with an agreement that will increase investment, and create and secure jobs,” UK Chancellor Rishi Sunak said. “We are also committed to working together to lead the global economic recovery as we build back better after the pandemic.”
The sides have also agreed to set up new funds to be managed by India’s largest commercial bank, the State Bank of India, in order to route the UK’s future capital investments into India.
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According to Indian Finance Minister Nirmala Sitharaman, India-UK ties are important as the countries are among the world’s top seven economies with a combined GDP of over $5 trillion. She said India’s $1.4 trillion National Infrastructure Pipeline and the City of London are working together to ensure flows of sustainable finance.
Bilateral trade between India and the UK stood at £24 billion (over $31 billion) in 2019 and India is now the second-largest project investment source for Britain.
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