New Delhi, May 12 (ANI): The annexure to the Indo-UK Film Co-production Agreement was signed here today by V. B. Pyarelal, Joint Secretary (Films), Ministry of Information and Broadcasting, and British Deputy High Commissioner Creon Butler.

The annexure elaborates the various requirements for film co-production under the agreement signed in December, 2005 between the two countries. It provides rules of procedure for operationalisation of the agreement.

It was finalized after negotiation. Its objective is to encourage the making of films that reflect the diversity of culture and heritage of both countries and benefits would flow to the co-producers of both the countries.

It shall enter into force as soon as the parties have notified each other on the completion of their respective legal and constitutional procedures.

On its operationalisation, co-producers would get an opportunity to come together and co-produced films would enjoy national status in both the countries. The co-produced films would gain better market access in some other countries also. The Indian community in the UK represents perhaps the single largest ethnic segment of the country's population. As a sizeable percentage of the population in UK is Asian, films produced under this segment would have a ready audience.

It is expected that the cost-competitive Indian film industry including the post production sector will stand to gain from the agreement. Some of the benefits that will accrue from this agreement include shared financial risks as well as larger audience base. The pact could lead to greater use of Indian locales and their promotion abroad. For this sector, UK could also act as a gateway to many countries in the European region. (ANI)