At the invitation of Prime Minister Theresa May, the Prime Minister of
India, Mr Narendra Modi visited the United Kingdom (UK) as a Guest of
Government on 18 April 2018. The two leaders held wide-ranging and constructive
discussions and underlined our strategic partnership and growing convergence on
regional and international issues. Prime Minister Modi will also participate in
the Commonwealth Heads of Government Meeting in London from 19-20 April 2018.
constructive discussions covered all significant issues like their concern as
Commonwealth countries to work ‘Towards a Common Future’ and also address the
global challenges, Technology Partnership, Trade Investment and Finance,
Responsible Global Leadership, Defence and Cyber security, Counter Terrorism
and Education and People to People.
The part of
the statement that deals with Trade, Investment and Finance is given below:
The leaders agreed to forge a dynamic
new India-UKTrade Partnership, to develop new trading arrangements as the UK
assumes responsibility for its independent trade policy, facilitate investment
in both directions and intensify collaboration on shared or complementary
strengths. Building on the recommendations of the recently-completed UK-India
Joint Trade Review, we will work together on a sector-based roadmap, to reduce
barriers to trade, make it easier to do business in both countries and enable a
stronger bilateral trade relationship after the UK exits the EU. We will also
ensure continued application to the UK of EU-India Agreements during the
Implementation Period following the UK’s departure from the EU, and put in
place arrangements to replicate relevant EU-India agreements beyond this
They reaffirmed their commitment to
work together with all members of the WTO and to take forward a dialogue under
the Joint Working Group on Trade which will support a shared commitment to the
global rules-based system and to the WTO’s role in underpinning it.
The UK has been the largest G20
investor in India over the last ten years and India has the fourth largest
number of investment projects in the UK. We will begin a new dialogue on
investment to improve our mutual understanding of priorities and review future
opportunities for cooperation.
India welcomed the decision by the UK
to provide additional support to Indian businesses by establishing a reciprocal
Fast Track Mechanism for Indian investments into the UK.
A programme of technical cooperation
will help in improving the regulatory environment. The two sides will support
initiatives of the business stakeholders, including those proposed by the
UK-India CEO Forum which met today, to achieve shared prosperity for India and
The Green Growth
Equity Fund (GGEF), a joint initiative by the Governments of India and the UK
under India’s flagship National Investment and Infrastructure Fund, will
provide financing to the fast-growing Indian renewable energy sector. With a
commitment of £120 million from each side, the GGEF is expected to raise up to
£500 million from institutional investors. GGEF will help accelerate achieving
India’s target of 175GW of renewable energy capacity by 2022 and also invest in
other related sectors such as clean transportation, water and waste management.
We look forward to future cooperation on energy and infrastructure policy and
have agreed to work together on smart urbanisation.
We also welcomed the establishment of
a FinTech dialogue between our two countries – including the proposed new
regulatory cooperation agreement. Our financial services collaboration will be
enhanced by a programme of technical cooperation to help develop markets in
insolvency, pensions and insurance. Further collaboration in these areas will
be set out by Finance Ministers when they meet for the tenth round of the
Economic and Financial Dialogue later this year.
India and the UK acknowledged the
importance of connectivity in today’s globalised world. They underlined that
connectivity initiatives must be based on the key principles of good
governance, rule of law, openness and transparency; should follow social and
environmental standards, principles of financial responsibility, accountable
debt-financing practices; and must be pursued in a manner that respects
international obligations, standards, best practice and delivers tangible
statement concludes with their commitment to make this strategic partnership
evolve and improve in the coming years.