India and UK have agreed to strengthen their economic cooperation in infrastructure and financial services as they vowed to address cross-border tax evasion and avoidance. Finance Minister Arun Jaitley held talks with his UK counterpart George Osborne as part of the 8th India-UK Economic and Financial Dialogue and had a series of meetings with UK-based investors and fund managers.

After talks between Jaitley and Osborne, a joint statement was issued that talked about advancement of cooperation in a range of sectors including infrastructure financing, addressing issues of cross-border tax evasion and avoidance besides opening up of the Indian legal sector to foreign lawyers.

During the talks, which included senior representatives from Finance Ministries, Central Banks and key regulators of both countries, the two leaders discussed ways to strengthen the Indo-UK existing economic partnership in order to further boost trade and investment, and to build on the success of Prime Minister Narendra Modi’s recent summit with his British counterpart David Cameron in the UK.

India and the UK also agreed that the development of deeper markets in rupee-linked products, and the increasingly sophisticated relationship between the Indian and UK financial sectors, are important underlying factors in fostering an enduring economic and financial partnership.

Meanings

• Vow means solemnly promise to do a specified thing.
• Besides means in addition to or apart from.
• sophisticated means having, revealing, or involving a great deal of worldly experience and knowledge of fashion and culture.
• Foster means encourage the development of something desirable.
• Endure means to suffer something difficult, unpleasant, or painful