Launch of Indo-UK economic and financial dialogue

The Chancellor of the Exchequer, Gordon Brown, and Indian Finance Minister Shri Chidambaram today officially launched the Indo-UK Economic and Financial Dialogue.

The Dialogue will serve as a forum for regular discussions on global issues, including sustainable economic development, reform of financial systems and markets, improving regulatory frame-works and international development.

The Dialogue forms part of wider efforts to engage with key emerging markets in the context of the restructuring of the global economy, a central theme of last December’s Pre Budget Report and today’s Advancing Enterprise 2005 Conference. The Dialogue will also include an element of private sector participation.

The Chancellor said:

"In today's rapidly changing global economy, it is more important than ever that the UK works together with the whole international community to rise to the challenges and make the most of the opportunities. The Indo-UK Economic and Financial Dialogue will help build stronger relationships between our two countries and foster a deeper understanding of how we can work together to maintain balanced and sustainable growth."

The first round of ministerial level talks are due to take place in India in autumn 2005.

Notes for editors

1. A joint Prime Ministers’ statement issued during Indian Prime Minister Singh’s visit to the UK in September 2004 committed India and the UK to establishing an “Economic and Financial Dialogue”. The statement said that this should focus “on international financial issues and share ideas and experiences on relevant aspects such as financial sector regulation”.

2. The importance of this Dialogue was underlined in the Chancellor’s Pre-Budget Report speech in November 2004, alongside the launch of an Asia Task Force:

“So having set an objective to build trade links with Asia that match those in Europe and America… we propose that the new UK-India Financial Dialogue is also broadened to include private business. And a new Asia task force will bring together experts from industry, education and the government to focus on boosting British exports too, and investment in, Asian countries.”

3. The launch of the Indo-UK Economic and Financial Dialogue is part of a broader strategy by the UK to engage with key emerging markets. The UK has a similar Dialogue with the Chinese government, the latest stage of which took place in Beijing in December 2004 under the leadership of the Chief Secretary to the Treasury, Paul Boateng.

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