New Delhi (NVI): India and European Union today conducted 11th macroeconomic dialogue via video conferencing, where the two sides discussed about the challenges their economies are facing due to the COVID-19 pandemic.
“Secretary of Economic Affairs, Tarun Bajaj led the Indian delegation and Maarten Verwey, Director General, Economic & Financial Affairs (ECFIN), European Commission, led the EU delegation,” according to the Ministry of Finance.
The Indian delegation also included representatives from Department of Economic Affairs, Department of Revenue and Ministry of External Affairs.
The dialogue, inter-alia, 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, the ministry said.
“Fiscal policy response and medium-term fiscal strategy including financial or structural reforms priorities were also discussed,” it added.
During the dialogue, India shared its policy response to COVID-19 crisis and steps taken to revive the economy from impact of pandemic including well calibrated stimulus packages announced by Government as also the vaccination related efforts.
Meanwhile, the European Union informed about the economic challenges and outlook of their economy due to the adverse impact of COVID-19 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, the ministry noted.
India-EU relationship has evolved into a multifaceted partnership. At present, it covers all dimensions–political, economic, security, trade and investment, environment, research and innovation, the statement said.
It added that the European Union is one of our largest trading partners, one of the largest investors in India and an important source for technology, innovation and best practices.
-RJV
