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.
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.
- 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,
- bilateral Regulatory Dialogue and
- 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.