First India-EU high-level dialogue on trade, investment held
On Friday, the first High-Level Dialogue (HLD) between India and EU took place. The meet was co-chaired by the Minister of Commerce and Industry Piyush Goyal and the European Union Executive Vice-President and Trade Commissioner Valdis Dombrovskis.
On 15th July, 2020, the 15th India-EU Leader’s Summit was held in a virtual format, after which the leaders decided to establish this High level Dialogue. According to the Ministry of Commerce and Industry, this dialogue was held with an objective for ministerial-level guidance towards the bilateral trade and investment relations.
During the discussions in the dialogue, the ministers emphasized on the importance of global cooperation and solidarity in a post-Covid-19 era. Through a series of regular engagements the ministers agreed to further deepen the bilateral trade and investment relationship, aiming at quick deliverable for the businesses in these tough times.
Within the next three months, the ministers have agreed to meet with an objective for reaching consensus on a host of bilateral trade and investment cooperation issues namely a bilateral Regulatory Dialogue. A bilateral Regulatory Dialogue is an India-EU Multilateral Dialogue which is conducted to explore further possibilities of cooperation.
Discussion regarding regular interactions for re-initiation of bilateral trade and investment agreements, with an interim agreement was also done in the dialogue.
The dialogue was concluded with commitment towards a renewed India-EU commercial and economic partnership. The partnership reflected the full potential of bilateral commercial relations.
In the last summit, the leaders adopted the “EU-India Strategic Partnership: A Roadmap to 2025” to guide cooperation between the EU and India over the next five years.