“Both sides note the potential for greater internationalisation of the Indian rupee and welcome India permitting the opening of rupee accounts in overseas jurisdictions,” the statement, issued by UK chancellor of the exchequer Rachel Reeves and Indian finance minister Nirmala Sitharaman, said.
India and the UK have agreed to explore the role of London as a global financial centre and foreign exchange hub to support internationalisation of rupee, a joint statement issued yesterday at the India-UK Economic and Financial Dialogue in London said.
Both sides look forward to furthering bilateral ties, and working towards a free trade agreement and a bilateral investment treaty, it noted.
“Both sides look forward to furthering the bilateral relations between our nations, including continuing negotiations at pace towards a mutually-beneficial Free Trade Agreement and Bilateral Investment Treaty,” it noted.
The two countries also welcomed the agreement to formalise cooperation between the Financial Conduct Authority and International Financial Services Centres Authority through an exchange of letters. This would set out a clear framework for future regulatory cooperation.
“Both sides commit to hold a one-off UK-India Strategic Leadership Exchange on Illicit Finance, bringing together leaders and practitioners in both countries to exchange risk understanding, knowledge, and experiences of addressing illicit finance flows,” the statement added.
The two countries recognised the importance of transition finance for mobilising capital to support sustainable development and discussed the importance of international tax cooperation.
Fibre2Fashion News Desk (DS)
