Rishi Sunak Hails Working with India to Lead Global Economic Recovery; Strike New Covid-19 Research Tie-ups

“Today, we set out our ambition for even stronger ties, with an agreement that will increase investment and create and secure jobs. We are also committed to working together to lead the global economic recovery as we build back better after the pandemic,” he said. A joint statement after the meeting said that globalisation has had a positive impact on the world, and “we remain strong advocates for open markets and the benefits of trade”.

“We agree to keep key supply chains open and ensure any restrictions to trade are targeted, proportionate, transparent, and temporary whilst not creating unnecessary barriers to trade,” it said. With regard to financial sector, it was agreed to establish a new annual India-UK Financial Markets Dialogue, to share expertise, experiences and deepen collaboration between our financial sectors.

The Dialogue will be led by senior officials from both finance ministries with participation from financial regulators and the private sector, and the first meeting will take place early next year, it said. Both countries will establish a new UK-India strategic collaboration to accelerate the development of GIFT City (Gujarat International Finance Tec-City), India’s first International Financial Services Centre. It will also promote greater links between GIFT City and the UK financial services ecosystem by bringing together both governments, regulators and business to share experiences and expertise.

The next EFD will be held in London in 2021.