New Delhi: Pitching for quota and governance reforms in the International Monetary Fund (IMF), India and Britain on Monday said the funds of the multilateral lending agency should be adequately increased to help it play a meaningful role in mitigating global economic problems.
"Both sides (India and the UK) are committed to ensuring that the IMF is adequately resourced to play its systemic role in the international financial system in support of its entire membership....," said a joint statement after a meeting between UK Chancellor of Exchequer George Osborne and Finance Minister Pranab Mukherjee.
The two sides were of the view that the quota and governance reforms of IMF be implemented within the agreed timelines, it said.
Mukherjee and Osborne, during the Fifth Ministerial level India-UK Economic & Financial Dialogue (EFD), agreed that while the global economy has stabilised in recent months, growth will remain subdued and at risk from a series of threats.
"UK and India share a common commitment to play their part to support the recovery, ensure financial stability and restore confidence. Both countries remain determined to deliver necessary fiscal consolidation plans to secure sustainable public finances," the statement said.
The two countries agreed to remain committed to pursuing the financial regulatory reform agenda as per the time table agreed in G-20, in an internationally consistent and non-discriminatory manner.
They also recognised the need for countries to sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters and engage in automatic exchange of information, where legally required, to improve tax compliance and decrease tax evasion.
The statement further said both sides agreed to "remain fully committed to resolving the remaining issues and are working towards concluding a mutually beneficial India-EU Broad based Trade & Investment Agreement at the earliest".
Recognising the importance of open trade for the global economy, they also reaffirmed their commitment to refrain from protectionism.
"Both sides signalled their commitment to the WTO and agreed to consider new approaches to taking forward the Doha round, with a clear focus on delivering outcomes for the least developed countries," the statement added.
On the bilateral front, the two sides agreed to continue working closely to further strengthen economic and financial relationship.
Both sides also discussed the importance of capital markets to support infrastructure financing in India. "Foreign capital can play an important part in this process," the joint statement said.
Both sides supported the progress on the Reserve Bank of India's (RBI) roadmap for foreign banks in India, with the UK side welcoming the desire of the Indian side to resolve outstanding issues, including those on tax, on RBI's subsidiarisation proposals for foreign banks.
No comments:
Post a Comment