11th India-EU Macroeconomic dialogue held through video conferencing
The 11th India-EU Macroeconomic dialogue was held today through video conferencing. Secretary Economic Affairs Tarun Bajaj led the Indian delegation. The delegation from European Union was led by Director General of Economic and Financial Affairs ECFIN in European Commission Maarten Verwey. The Indian delegation included representatives from Department of Economic Affairs, Department of Revenue and Ministry of External Affairs.
The dialogue today covered sharing of their experiences to enable both sides on various aspects including collaboration in the G20 on finance track matters, including through G20 Framework Working Group deliverables, G20 Action plan, debt related issues and international taxation of digital economy. Fiscal policy response and medium-term fiscal strategy including financial or structural reforms priorities were also discussed.
India shared its policy response to Covid crisis and steps taken to revive the economy from Covid impact including well calibrated stimulus packages announced by Government of India as also the vaccination related efforts. The EU informed about the economic challenges and outlook of their economy due to the adverse impact of Covid pandemic in EU countries, including macroeconomic policy response and EU recovery plan.
The dialogue concluded with the hope that both sides would be able to build stronger and deeper relations by entering into various bilateral cooperation arrangements which are of mutual interest to both sides.
India-EU relationship has evolved into a multifaceted partnership. Today, it covers all dimensions-political, economic, security, trade and investment, environment, research and innovation. The EU is one of India’s largest trading partners, one of the largest investors in India and an important source for technology, innovation and best practices.