India and European Union first High Level Dialogue on Trade & Investment. The dialogue was co-chaired by Piyush Goyal, the Minister of Commerce and Industry and Mr. Valdis Dombrovskis, the European Union Executive Vice-President & Trade Commissioner.  The bilateral dialogue was held on 5th February 2021.

Backdrop

The first edition of High Level dialogue was held in the backdrop of the commitment that both India and European Union have made during the 15th India-EU Leader’s Summit held in July 2020. India and European Union have committed to establish this Dialogue. Both India and European Union wanted to set up the High Level dialogue with the objective of setting up of a ministerial level guidance to enhance the bilateral trade and the investment relations.

Points To Note

  • During High Level dialogue, the Ministers from both side emphasized on the importance of global cooperation.
  • Both India and European Union acknowledged the importance of the solidarity in the post COVID-19 world.
  • Both are agreed to further deepen the bilateral trade and investment relationship by a series of regular engagements.
  • They decided to hold the regular engagements with the aim of quick delivery for the businesses amid the COVID-19 led economic crisis.
  • Both of the ministers further agreed to meet within the next 3 months with the objective of reaching to a consensus on hosting the bilateral trade & investment cooperation issues.
  • The bilateral trade & investment cooperation issues include the,
    1. bilateral Regulatory Dialogue and
    2. India and European Union Multilateral Dialogue in order to explore further possibilities of cooperation.
  • Both also discussed the regular interactions for re-initiation of the bilateral trade and investment agreements.
  • The High Level Dialogue was concluded with the confidence and commitment to build a renewed India and European Union commercial and economic partnership in a way that it reflects the full potential of bilateral commercial relations.

European Union

The European Union is a political and economic union comprising of 27 member countries in european continent. The members have an estimated total population of 447 million. It has developed an internal single market by creating a standardized system of laws. These laws are applicable to all member states. These policies of European Union ensure the free movement of people, goods & services and capital in the internal market.

India-EU High Level Dialogue on Trade & Investment India-EU High Level Dialogue on Trade & Investment