We continue to ensure the insurance voice is heard in formal meetings with HM Treasury and the Department of International trade on ongoing trade negotiations, including with the US, and the mutual recognition agreement being negotiated with Switzerland.
May saw the Indian Ministry of Finance raising the foreign direct investment cap from 49% to 74% for the insurance sector. This increase in FDI is very welcome as we have long advocated for it, and it has been a key ABI ask in past UK-India Economic and Financial Dialogues (EFDs).
As one of our priority markets for international trade, we have continued to underline to Government the importance of India to ABI members. We were therefore pleased to see (in May) India and the UK agree a roadmap to deepening cooperation including on financial services, and the DIT planning for a launch of UK-India FTA later this year.
We have also long pressed the importance of Canada to ABI members and the need for greater cooperation between the nations. We therefore also welcome DIT’s intension to formally commence trade negotiations later this year.
