The 11th India-EU Macroeconomic dialogue was virtually held on February 19. India and the European Union (EU) hope to boost bilateral trade through bilateral cooperation arrangements.
Key Points
- From the Indian side the meeting was led by Economic Affairs Secretary Tarun Bajaj and from the other side, director general (economic and financial affairs) of the European Commission, Maarten Verwey led the EU delegation.
- During the meeting, India shared various steps taken by the country to revive the economy hit by the COVID-19 crisis and also its structural reforms priorities.
- The EU also informed about the economic challenges and outlook of their economy due to the adverse impact of the COVID-19 pandemic as well as their recovery plan.
- Both sides have been negotiating the Bilateral Trade and Investment Agreement (BTIA) for many years but still not reached a consensus.
- The European Union is seeking increased market access for its wines, automobiles, and spirits. The EU has raised concerns over high duties by India.
The 27-member EU is one of the largest trading partners of India and one of the largest investors in the country. The EU is a crucial source for innovation, technology, and best practices. The dialogue also covered sharing of their experiences to enable both sides on various aspects like international taxation of the digital economy, collaboration in the G20 on finance track matters, including through G20 Framework Working Group deliverables.
