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UK-India to evolve and improve their strategic partnership in the coming years, says the Joint Statement

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.

 Their 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 period. 

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 UK..

 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 benefits.

 The statement concludes with their commitment to make this strategic partnership evolve and improve in the coming years.

 

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