9 hrs ago
Sitharaman Holds India-EU and South Korea Economic Cooperation
India’s Finance Minister Nirmala Sitharaman held talks with senior officials from the European Union and South Korea.
She met European Commissioner Valdis Dombrovskis in Asheville during a G20 finance meeting.
They discussed making India and the EU’s economic relationship stronger.
They also talked about trade agreements, important minerals, technology, FinTech and artificial intelligence.
Sitharaman separately met South Korean Deputy Prime Minister Koo Yun-cheol.
They discussed increasing trade, investment and financial cooperation between India and South Korea.
They also considered working together on infrastructure, green projects and critical minerals.
The countries discussed linking QR payment systems to make payments easier for people and businesses.
Nirmala Sitharaman met European Commissioner Valdis Dombrovskis during the G20 Finance Ministers and Central Bank Governors Meeting in Asheville.
India and the European Union discussed deepening economic and financial ties, including trade negotiations, supply chains, critical materials, FinTech and artificial intelligence.
Sitharaman and South Korean Deputy Prime Minister Koo Yun-cheol discussed bilateral financial cooperation and early consultations for the India-Korea Finance Ministers’ Meeting.
India and South Korea explored cooperation on critical minerals, investment, infrastructure, green-transition financing and QR-based payment systems.
Sitharaman encouraged greater South Korean investment in emerging sectors and proposed stronger investment cooperation through NIIF and Korea’s EDCF framework.
- Who
- Indian Finance Minister Nirmala Sitharaman, European Commissioner Valdis Dombrovskis and South Korean Deputy Prime Minister Koo Yun-cheol.
- What
- They discussed strengthening India’s economic, financial, trade, investment, technology and supply-chain cooperation with the European Union and South Korea.
- Where
- Asheville, during the G20 Finance Ministers and Central Bank Governors Meeting.
- When
- The meetings took place on Monday and Tuesday around the G20 Finance Ministers and Central Bank Governors Meeting; the dateline was September 2.
- Why
- To advance economic partnerships, trade and investment negotiations, resilient supply chains, strategic-sector cooperation and financial connectivity.
Key facts
- India-EU forum
- G20 Finance Ministers and Central Bank Governors Meeting
- EU counterpart
- European Commissioner for Economy Valdis Dombrovskis
- EU discussions
- Macroeconomic dialogue, Trade and Technology Council, FTA and Investment Protection Agreement negotiations
- South Korean counterpart
- Deputy Prime Minister Koo Yun-cheol
- Strategic partnership
- India and South Korea have had a Special Strategic Partnership since 2015
- Investment proposals
- Cooperation through NIIF and a proposed concessional credit line under Korea’s Economic Development Cooperation Fund framework
- Payment cooperation
- India and South Korea are working toward interoperability of their QR-based payment systems
Quotes
Finance Ministry
Indian government ministry that issued the statement on Sitharaman’s meeting with the European commissioner
“The two sides discussed further deepening of the India–EU Economic and Financial Partnership, including through the India–EU macroeconomic dialogue and the Trade and Technology Council (TTC).”
livemint.com
Sources
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