The 11th India-European Union macroeconomic dialogue was held in the virtual mode on February 19, 2021.
Highlights
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The Indian Delegation was led by the Secretary of Economic Affairs, Tarun Bajaj.
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Director-General of Economic and Financial Affairs, European Commission led the European Union delegation.
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Indian delegation also comprised of the representatives from Department of Economic Affairs, Ministry of External Affairs and Department of Revenues.
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The press release from the Finance Ministry stated that the bilateral relation between India and European Union has evolved into a multifaceted relation over time.
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The European Union in also one of the largest trading partners of India.
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It is also the largest investors and an important source of technology, innovation and best practices.
Takeaways from the dialogue
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The 11th India-European Union macroeconomic dialogue held discussions on all the dimensions of mutual interest including the political, economic, environmental, research & innovation, trade & investment and security.
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Both the countries also shared their experiences so as to enable both the countries on aspects such as G20 Framework Working Group Deliverables, debt-related issues, collaboration in the G20 on finance track matters, International taxation of the digital economy and G20 Action Plan.
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They also discussed the medium-term fiscal strategy and fiscal policy response besides the financial or structural reform priorities.
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India also shared with the EU, its policy response to the COVID-19 crisis and discussed the initiatives taken to revive the economy.
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The European Union side mentioned about the economic challenges and the outlook of their economy due to the adverse impact of the Coronavirus pandemic in the European Union countries. They also mentioned about their recovery plan and macroeconomic policy response.
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Lastly, the dialogue ended with the plan of strengthen the bilateral relations by several bilateral cooperation agreements of mutual interest for both the countries.