Bangkok/New Delhi: Finance Minister Nirmala Sitharaman and the UK’s Chancellor of the Exchequer John Healey Thursday held talks to further strengthen economic ties between the two countries, on the sidelines of the annual IMF-World Bank meetings in Bangkok.
Sitharaman informed Healey that India looks forward to the 14th Economic and Financial Dialogue (EFD) with proposed collaboration in critical minerals, green tech, and city-region partnerships. Both sides affirmed the next EFD would be held in December, according to a Finance Ministry statement.
FM Sitharaman also reaffirmed India’s commitment to working closely with the UK towards shared priorities and a constructive, inclusive G20 process.
The two leaders discussed the successful conclusion of the 4th India-UK Financial Markets Dialogue, FinTech meetings and associated IUKFP meetings, building on the outcomes of the previous EFD, the statement added.
In the previous EFD meeting, the UK side presented an update on its forthcoming Industrial Strategy, where partnership can support priority growth-driving sectors, such as advanced manufacturing and life sciences, where UK expertise and research capability can complement India’s emerging role as a global manufacturing hub, as well as in clean energy, professional and business services, financial services, the creative industries, and defence to support jobs and economic growth. Both sides look forward to the signing of the India-UK Defence Industrial Roadmap to strengthen ties between industrial sectors and support supply chains.
The two countries recognised that financial services represent a key opportunity for the economic partnership. Both sides recognise the efforts in one another’s countries towards developing their financial sector strategies and agree to work together on synergies. Both sides welcome the increase in UK-India financial services trade over recent years and commit to work together to grow this further. The Financial Markets Dialogue (FMD) held in GIFT City IFSC, India, in December 2024, provided an opportunity to deepen cooperation across banking, insurance, pensions, capital markets, and sustainable finance.
Sitharaman is on an official visit to Bangkok from October 14 to 18 to participate in the annual meetings of the International Monetary Fund (IMF) and the World Bank Group, along with meetings of the G20 and G7 Finance Ministers and Central Bank Governors.
During the visit, the Finance Minister will participate in a series of multilateral meetings and discussions on key global economic and financial issues, including current economic developments and financial sector issues. These engagements will provide an opportunity to exchange perspectives on the global economic outlook, development priorities and international financial cooperation.
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