Indo-UK trade pact to enable Indian financial services firms to expand their footprint in Britain
Indian financial services
players to expand their footprint in Britain, enhance their competitiveness and serve Indian diaspora and businesses.
The pact, officially called
Comprehensive Economic and Trade Agreement
(CETA), was signed in London on Thursday in the presence of Prime Minister Narendra Modi and his British counterpart Keir Starmer.
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The agreement will also open opportunities for UK investment in the fast growing Indian market.
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This investment pact has the potential to bring in new, innovative, competitive financial services, thereby benefitting customers of financial services and broader economy without compromising the stability of India's financial services sector, a commerce ministry official said.
Non-discrimination rules will ensure Indian firms are treated fairly when providing services to the UK, with comprehensive transparency commitments guaranteeing that UK rules for authorizing
Indian financial services firms
remain fair, transparent, and objectively administered, the official said.
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Commitments in this sector are expected to translate into gains for electronic payments, FinTech, financial diversity, stability, and market integration, the official added.
For digitally delivered financial services, UK has provided market access with respect to the various subsectors under both insurance and insurance related, and banking and other financial services.
With regard to insurance sector, the agreement is expected to enable non-life insurance services and insurance intermediation (maritime shipping and goods in international transit), reinsurance and retrocession, and services auxiliary to insurance to expand their operation in India.
The pact provides commitment with respect to sectors like provision and transfer of financial information, and financial data processing and related software by suppliers of other financial services.
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Rahul Gandhi also forgot that his grandmother unconditionally released over one lakh Pakistani soldiers. The prince is even oblivious to the fact that he is speaking the language of Pakistan just to oppose Modi and BJP. Facebook Twitter Linkedin Email Disclaimer Views expressed above are the author's own.
