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