Chancellor Rachel Reeves held her first EFD with India, signing a joint statement to enhance cooperation in defence, financial services, education, and development. Report by Chahalb. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
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00:00So I've been advised that I do it first because the post has been a hopeful dialogue.
00:09I want to emphasize the significance of the timing.
00:13Both nations are at pivotal moments in their economic journeys,
00:18and deepening financial cooperation now presents unique opportunities for mutual growth.
00:24The global economy is witnessing a realignment of trade and financial flows
00:29and strengthening financial ties now will position both our countries to capitalize
00:34on evolving market opportunities and navigate global economic uncertainties.
00:41The India-UK partnership is more than just a collaboration between two countries, two economies.
00:47It is a commitment to innovation, sustainability and shared prosperity.
00:53Today's fruitful discussion has broadened our mutual understanding of developments,
00:58opportunities and reforms underway in the financial sector in both India and the UK.
01:04The discussions have reaffirmed the considerable scope of financial services cooperation
01:09between our two countries across banking, capital markets, pension, insurance,
01:15sustainable finance and fintech.
01:18It has been established yet again that this sector is as important called
01:23which is binding the economic and commercial partnership between the two countries.
01:27I am certain that views exchanged in particular on capital markets, agenda and reforms, capital market connectivity
01:37and financial service centers will open up a plethora of bilateral investments, collaboration of opportunities.
01:45It is reassuring that this dialogue has been able to establish complementarities in the sustainable finance priorities between India and UK
01:56and brought to form the importance of experience sharing in the arena of sustainability standards, disclosures and capital mobilization.
02:06I am certain that the insights gained by each side during this session will help in strengthening the regulatory bridge that we have established via this annual dialogue
02:21and help enhance capacity building, knowledge sharing and investments.
02:26Before I conclude, I would like to express appreciation for the warmth and hospitality extended to me and the delegation during the past two days by Chancellor Reeves and her team.
02:51I now request Chancellor of Exeter, Rachel Reeves, to make her closing statement and conclude the 13th round of the Economic and Financial Dialogue.
03:01Well, can I just say what a huge honour it has been for me to be able to host you and your team in London.
03:09It has been wonderful to get to know you better and I do believe that those personal relationships can also help our countries build those stronger ties that I know that both of us want to see.
03:19Today has reaffirmed how broad and deep the UK and India's economic and financial relationship is.
03:28Our discussions both yesterday and today have highlighted how much potential there is for us together to achieve so much more.
03:36Our commitments today, I believe, will contribute to our shared priorities of driving economic growth,
03:43increasing two-way investment between our countries and enable us to both continue to play a leadership role on the global stage.
03:51I was very pleased that we discussed how we can deepen cooperation across some of the key growth sectors and today we are able to look forward to a new and deeper policy cooperation across areas including education, climate tax and financial services.
04:11I very much look forward to exploring how cross-border listings here at the London Stock Exchange can help Indian businesses access the finance that they need to grow.
04:24Deepening capital market connectivity between us can help support delivering growth in both of our economies.
04:31The list of areas of cooperation and future trade and investment opportunities I think is really testament to the breadth of the partnership between the UK and India,
04:42a partnership that I want, I think we all want, to go from strength to strength.
04:46We discussed that both our economies will thrive if we are successful in boosting bilateral trade and investment which is why I am delighted to welcome a broad set of commercial announcements today to deeper ties between businesses in our two countries.
05:01These announcements reflect the dynamism of our economies and underscore the benefits of cooperation.
05:06In particular, I would like to celebrate the investments of companies in two critical sectors that we have discussed today, financial services and technology.
05:16In both of our economies, notably Patim, Emphasis and WNS Investing to create jobs in the UK whilst leading UK financial services firms including Barclays, HSBC, Revolut, Wise and Prudential are all expanding their operations in India
05:36recognizing the huge opportunities there are in your economy.
05:41In celebrating the breadth of our economic relationship, I am glad that you, Minister Sitaraman, co-chair the Business Roundtable with Secretary of State for Business and Trade, Jonathan Reynolds, this morning.
05:52And we will now join key businesses from across our economies that represent a significant share of our bilateral trade and investment and we will share with them our enthusiasm for strengthening those ties.
06:06We discussed that one of the key tools to deepen our economic relationship is concluding the free trade agreement, which will support jobs, industries and benefit all of our people.
06:17And as we can go further, agreed by both of our Prime Ministers, we look forward to further building bridges between our nations.
06:25Our shared vision for growth and the commitments we make today on deepening commercial and policy cooperation are crucial pillars of our renewed relationship.
06:33So thank you again, Minister, both central bank governors and heads of the regulatory agencies and all of our teams for the work that's gone into making today and yesterday, the success that I believe it has been.
06:48And I'll look forward to visiting you in India next year for the 14th UK India EFD.
06:54Thank you very much.
06:55We'll be very happy to receive the cost.
07:54Okay.
07:58Bye-bye.