29.07.2010 (UNI) British Minister for Exchequer George Osborne said India’s success is of strategic importance to all open societies and economies and the UK is determined to do all it can to be a partner in the process.

Speaking on ‘UK and India: A New Economic Partnership’, Mr Osborne, part of a high profile UK delegation led by Prime Minister David Cameron to India, said, ‘The UK has a vital stake in India’s rise to global power and prosperity and we are here to listen and to learn, how our strong relationship can grow stronger still’.

He said ingredients for the enhanced economic partnership should include greater flow of trade and investment between the two countries, a deeper understanding between the financial services sector and a better recognition of the shared goals between the two countries on the international economic policy.

Lauding India for weathering the global financial crisis better than the UK and other economies, he said ‘it is essential that we learn the lessons of the crisis and create financial systems that support growth rather than put it at risk’.

Recalling his meeting with RBI Governor D Subbarao this morning, he said ‘I know from my conversation this morning with Mr Subbarao how much both countries have to gain from sharing our experiences in macro prudential regulation,’ adding that he was looking forward to strengthening cooperation between the two countries to develop global financial centres.

He said, ‘India’s policies of trade and investment liberalization are reintegrating India into the world economy, allowing it to regain an influence it had for three centuries’.

Supporting India’s stand for changes needed in the international financial systems, especially the IMF and the World Bank, he said ‘In a world in which relative economic power is shifting eastwards, we urgently need modernisation and reform’.

‘We need a new global financial architecture that reflects the re-emergence of India and a number of other countries as lynchpin powers in the world economy,’ he added and assured that the UK will take a lead this autumn in making sure that India was fairly represented at the IMF.

‘We need institutions that reflect the huge changes that have been taking place in the world economy, not ones that mask them,’ he added. UNI