International engagement

One of the key conclusions of the Plan for Growth, launched by the Chancellor of the Exchequer and the Secretary of State for Business, Innovation and Skills in November 2010, was that the Government would seek to encourage investment and exports as a route to a more balanced economy. HM Treasury pursues both of these objectives by engaging with some of the larger emerging markets through annual Economic and Financial Dialogues (EFDs), ministerial visits and contact at an official level. As well as supporting bilateral trade and investment, this engagement helps the UK to promote global economic coordination through the G20, IMF, World Bank and other multilateral institutions.

International ministerial visits and official contact

The Chancellor’s first international visit of 2012 was to Asia. The visit began with a keynote speech at the Asia Financial Forum in Hong Kong on Monday 16 January, where he set out his international economic agenda for 2012. The speech was followed by a series of government and business meetings in Beijing and Tokyo on Tuesday 17 January and Wednesday 18 January.

HM Treasury works with both FCO London and posts abroad on a wide range of bilateral and multilateral economic issues. This is to ensure that the UK’s economic interests are served and domestic policy is informed by a comprehensive set of sources.

Economic and Financial Dialogues (EFDs)

The most recent UK China EFD was held in London on 8th September 2011. The dialogue helped to secure agreement to a range of policy outcomes, including Chinese participation in the UK infrastructure summit that was held in November 2011 and a commitment from both sides to support the private sector led development of the off-shore RMB market in London.

UK China EFD, September 2011 – policy outcomes

The latest UK India EFD was held in Delhi on 2nd April 2012. Both sides welcomed the exchange of ideas on multilateral cooperation on infrastructure financing and the ongoing technical collaboration between the UK and the Indian Financial Services Legislative Reform Commission. The Chancellor also witnessed the signing of a Memorandum of Understanding between the Federation of Indian Chambers of Commerce and Industry, the UK-Indian Business Council and UK Trade and Investment that will help to strengthen investment links between Indian and UK companies, with a focus on SMEs.

International engagement

International ministerial visits and official contact

Related links

Economic and Financial Dialogues (EFDs)

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