“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.
“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.
ALCHEMPro News Desk (DS)
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