India, UK to work expeditiously on recognition of vaccine certificates

India and the UK on Thursday agreed to work expeditiously on the recognition of vaccine certificates to facilitate the free movement of people, including professionals, and contribute to early economic recovery.

"The successful collaboration between Oxford University, AstraZeneca and the Serum Institute of India is a testament to the positive impact of our cooperation to support global vaccination efforts," said a joint statement issued after 11th India-United Kingdom Economic and Financial Dialogue (EFD), chaired by Finance and Corporate Affairs Minister Nirmala Sitharaman and UK Treasury Chancellor Rishi Sunak.

The meeting was held virtually.

The two leaders welcomed the new Fleming Fund partnership to facilitate India's response to COVID-19 and promote the implementation of the national action plan on Antimicrobial Resistance (AMR).

"We agree on the need to work expeditiously on the recognition of vaccine certificates to facilitate free movement of our people, including for professional and business reasons, thus contributing to early economic recovery," the statement said.

The two sides also noted that "this is a moment of global leadership" for both the countries, with the UK presiding over the G7 and COP26, and India chairing the BRICS and set to chair the G20 Presidency in 2023, while being present on the UN Security Council (2021-22), said the joint statement.

"We reaffirm our commitment to cooperate through the multilateral system at this important time," it added.

They also endorsed the Enhanced Trade Partnership (ETP) announced earlier this year, "which is creating jobs and investment to deliver our ambition of more than doubling bilateral trade by 2030".

The two sides welcomed the agreement to work towards a comprehensive free trade agreement (FTA), including considerations of the opportunity arising from an interim agreement, to achieve early gains of the ETP.

The UK also welcomed moves by India to support improved ease of doing business, including the Taxation Laws (Amendment) Act, 2021, which will "strengthen" the business environment.

Further, India and the UK committed to a joint dialogue, including relevant stakeholder participation, for mutual exchanges and sharing of information concerning the possibility of signing a Social Security Agreement. The first meeting took place on August 26.

"We also welcome the signing of MoU on Migration and Mobility Partnership, which would enable the exchange of talents from both sides," the joint statement said.

The dialogue, inter alia, covered discussions on economic cooperation on multilateral issues, including G20 and COP26.

Both the sides deliberated on furthering financial services collaboration with special emphasis on Fin-Tech and GIFT City, annual India-UK Financial Market Dialogue and measures underway to reform financial markets.

Infrastructure development and promotion of sustainable finance and climate finance were also discussed.

Private sector initiatives under India-UK Financial Partnership (IUKFP) and India-UK Sustainable Finance Working Group, including its progress, were also discussed.