London: Indian Prime Minister Narendra Modi and his British counterpart David Cameron on Thursday agreed that the finance ministers of the two nations would hold dialogue on deepening the bilateral trade between the two nations.
They also shared their concern on the falling global economic growth and increased risks to the global outlook while welcoming the strengthening of business ties between the two nations, a joint statement said.
The two prime ministers at their meeting here agreed to continue working together towards strong, sustainable and balanced growth and committed to strengthen the economic relationship by deepening bilateral trade and investment relationship.
They agreed that Indian Finance Minister Arun Jaitley and Chancellor of the Exchequer George Osborne would drive this forward in their forthcoming economic and financial dialogue.
The two prime ministers also agreed on the importance of structural reforms and pursuing credible fiscal policies in order to raise the living standards.
India invests more in Britain than in the rest of the European Union combined. On the other hand Britain is the largest G20 investor in India.
Prime Minister Modi and his British counterpart committed to further strengthening the economic relationship between the two nations through deepening of bilateral trade and investment relationship.
Remaining committed on increase bilateral trade and investment opportunities the two governments underlined the particular importance of the information technology and digital industries in both countries, and the contribution that they make towards strengthening trade ties between the UK and India as a key driver of growth and prosperity.
Both sides reaffirmed their commitment to work together to deepen and reinforce bilateral trade in goods and services in this area.
India and Britain agreed to facilitate the temporary movement of skilled personnel in accordance with applicable international commitments.
The two prime ministers agreed that the City of London should play an important role in channelling investment into infrastructure projects in India, including in the railways sector.
In this context, they also welcomed the announcements by HDFC, Bharti Airtel, State Bank of India and Yes Bank to raise finance through the City of London which also opens up the opportunity for the Indian private sector to raise capital for their investment and growth.
Modi and Cameron also welcomed the ongoing collaboration bey the India-UK Financial Partnership led by key industry figures on both sides and welcomed the creation of a new Chevening Financial Services course, sponsored by Standard Chartered, aimed at mid-career professionals wanting to study in Britain.
They also welcomed the initiative taken to launch the first-ever exchange programme between the economic services of our two countries to support economic policy making in both countries.
They recognised that both India and Britain are thought leaders on development, and agreed to elevate the official-level development talks to a Biennial Ministerial dialogue on Development.
The two prime ministers recognised the importance of infrastructure for sustainable development and launched India's first Low Income State Infrastructure Equity Partnership with co-investment from the UK Department of International Development and the State Bank of India.
This aims to provide equity partnerships for small infrastructure development in sectors like water and sanitation, clean energy and urban infrastructure.
Prime Minister Modi noted the partnership of Britain and India in efforts to improve the Ease of Doing Business. They announced a new Ease of Doing Business Partnership including several different strands of work which will provide impetus to greater investments.
The two prime ministers welcomed the first meeting of the reconstituted India-UK CEOs Forum. This forum will be tasked with advising the prime ministers about the trade and investment opportunities and challenges.
The two prime ministers acknowledged the need for technical cooperation between the offices of both the countries on Patents, Trademarks and Designs.