India-EU High Level Dialogue on Trade & Investment

The 1st High Level Dialogue (HLD) on Trade & Investment was held between India and European Union (EU). The dialogue was co-chaired by Shri Piyush Goyal, the Minister of Commerce and Industry and Mr. Valdis Dombrovskis, the European Union Executive Vice-President & Trade Commissioner.  The dialogue was held on February 5, 2021.

Background

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

Highlights

• In the HLD, the Ministers from both the countries emphasized on the importance of global cooperation.
• Both sides acknowledged the importance of the solidarity in the post COVID-19 world.
• They 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 three 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-EU Multilateral Dialogue in order to explore further possibilities of cooperation.
• The countries also discussed the regular interactions for re-initiation of the bilateral trade and investment agreements.
• The 1st High Level Dialogue was concluded with the confidence and commitment to build a renewed India-EU commercial and economic partnership in a way that it reflects the full potential of bilateral commercial relations.

European Union (EU)

It is a political and economic union comprising of 27 member states. 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 EU ensure the free movement of people, goods & services and capital in the internal market.

Month: Current Affairs - February, 2021