The 11th India-EU Macroeconomic dialogue was held here today virtually through video conferencing. Shri Tarun Bajaj, Secretary, Economic Affairs, led the Indian delegation. The delegation from European Union was led by Mr. Maarten Verwey, Director General, Economic & Financial Affairs (ECFIN), European Commission. The Indian delegation included representatives from Department of Economic Affairs, Department of Revenue and Ministry of External Affairs.

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 our largest trading partners, one of the largest investors in India and an important source for technology, innovation and best practices.

The dialogue, today, 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. Fiscal policy response and medium-term fiscal strategy including financial/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.

Macroeconomic cooperation advances bilateral collaboration on global finance issues, debt, digital taxation and fiscal recovery measures. The dialogue advanced macroeconomic cooperation between India and the EU, concentrating on coordinated engagement in multilateral finance fora, exchange of experience on the G20 Framework Working Group and Action Plan, debt-related issues, and international taxation of the digital economy. It also reviewed fiscal policy responses, medium-term fiscal strategy, structural reforms and recovery measures, with India presenting stimulus and vaccination-linked recovery steps and the EU outlining its recovery plan, concluding with an intent to pursue deeper bilateral cooperation on mutually relevant arrangements.