India-UK economic and financial dialogue held

London, Aug 12 : The second meeting of the ministerial-level India-UK Economic and Financial Dialogue was held in London.

Finance Minister P. Chidambarm led the Indian side, and Chancellor of the Exchequer Alistair Darling represented the UK on Monday.

The two sides discussed global macro economic issues in the context of the rising fuel, food and energy costs. The matter of climate change and enhancing cooperation in the filed of renewable sources of energy was also discussed.

Both the Finance Minister and the Chancellor had a one to one meeting in which it was agreed to undertake a joint study on non-tariff barriers to trade, including domestic regulations in services, and how they could be removed.

Both sides also acknowledged the promising start to the work on intellectual property as joint co-chairs of the Intellectual Property Rights and Innovation work stream within the G8 Heiligendamm Process.

The two Ministers signed a Memorandum of Understanding to encourage sharing of best practices in the development of Public Private Partnerships.

As climate change is a global challenge facing the world economy, it was decided that both the Finance Ministries would work together to reduce GHG emissions without compromising growth and development.

It was also agreed to work towards the creation of a larger and deeper carbon market, to facilitate emissions reductions as required under the UNFCCC through public and private finance and to explore how to overcome the barriers to progress in this area.

Both sides also decided to explore the possibility of providing the necessary financial flows and technology transfers to developing countries.

ANI