The 3rd High-Level Dialogue (HLD) between India and the European Union (EU) took place on August 26, with co-chairmanship from Piyush Goyal, the Union Minister of Commerce and Industry, Consumer Affairs, Food & Public Distribution and Textiles, and Valdis Dombrovskis, the Executive Vice-President of the European Commission.
According to a statement from the Ministry of Commerce & Industry, the HLD is a direct result of the resolution made during the 15th India-EU Leader’s Summit in July 2020. Its purpose is to provide ministerial-level direction aimed at fostering bilateral trade and investment relations.
During the HLD, the ministers assessed the progress of three key negotiations between India and the EU: the India-EU Free Trade Agreement, a standalone Investment Protection Agreement, and a Geographical Indications Agreement. Both sides were noted to have made substantial headway in these negotiations.
The ministers had a comprehensive discussion on market access matters for both parties and reviewed the advancements within the India-EU Trade and Technology Council. They also briefly touched upon the upcoming concerns of MC-13 during the meeting.
Goyal expressed his gratitude for the visit of Valdis Dombrovskis, the European Commission EVP, and commended his backing for the recent G20 Trade and Investment Minister’s Meeting held in Jaipur on August 24-25.
The meeting concluded with both Ministers expressing their confidence in the progress of the three ongoing negotiations and reaffirming their dedication to enhancing the India-EU commercial and economic frontIndia’s merchandise exports to EU member countries have increased to $74.5 billion in 2022-23 from about $65 billion in 2021-22. Imports also rose to $60 billion in 2022-23 from $51.4 billion in 2021-2
2. The EU accounts for about 17 percent of India’s total exports and about 8.5 percent of the country’s total imports.
