On 19th February 2021, 11th edition of India-European Union macroeconomic dialogue was held virtually.

Points To Note

  • From indian side Tarun Bajaj (Secretary of Economic Affairs) was led the Indian side.
  • Director-General of Economic and Financial Affairs from European Commission led the EU delegation.
  • Tarun Bajaj also comprised of the representatives from Department of Economic Affairs, Ministry of External Affairs and Department of Revenues.
  • 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.
  • EU in also one of the largest trading partners of India.
  • European Union is also the largest investors and an important source of technology, innovation and best practices.

Takeaways from bilateral dialogue

  • The bilateral Union macroeconomic dialogue held discussions on all the dimensions of mutual interest including the political, economic, environmental, research & innovation, trade & investment and security.
  • Both India-European Union 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 G20 on finance track matters, International taxation of the digital economy and G20 Action Plan.
  • Both also discussed the medium-term fiscal strategy and fiscal policy response besides the financial or structural reform priorities.
  • India also shared with the European Union, its policy response to the COVID-19 crisis and discussed the initiatives taken to revive the economy.
  • EU side mentioned about the economic challenges and the outlook of their economy due to the adverse impact of the COVID-19 in the EU countries. They also mentioned about their recovery plan and macroeconomic policy response.
  • Lastly, the bilateral dialogue ended with the plan of strengthen the bilateral relations by several bilateral cooperation agreements of mutual interest for both the countries.

11th India-EU Macroeconomic dialogue 11th India-EU Macroeconomic dialogue