India, EU discuss critical minerals, fintech, AI cooperation; Sitharaman meets Russian, EU, Poland, Qatar, South Korea finance ministers

Synopsis

India and the European Union explored deeper cooperation in critical minerals and processing. Discussions also covered fintech and artificial intelligence advancements between the two blocs. The finance minister met with her Russian counterpart to discuss bilateral cooperation. They also reviewed regional and global economic developments and shared interests. Sitharaman further met with finance ministers from Poland, Qatar, and South Korea.

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New Delhi: India and the European Union discussed deeper cooperation in critical minerals, processing and value addition, fintech and artificial intelligence at a meeting between finance minister Nirmala Sitharaman and European economy and financial affairs commissioner Valdis Dombrovskis in Asheville. The meeting took place on the sidelines of G20 Finance Ministers and Central Bank Governors meeting.

"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," the finance ministry said in a social media post.

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The two sides also discussed the ongoing India-EU free trade agreement and Investment Protection Agreement negotiations and agreed to take the engagements forward. They exchanged views on strengthening resilient and diversified supply chains, including cooperation on critical raw materials and technologies.

Sitharaman and Dombrovskis also explored greater cooperation in fintech, AI and generative AI, including stronger engagement between Indian and European startups.

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During her meeting with Russian finance minister Anton Siluanov, Sitharaman discussed bilateral cooperation, regional and global economic developments and issues of shared interest in the multilateral sphere.

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"They discussed cooperation in the New Development Bank and the Asian Infrastructure Investment Bank... (and) the establishment of Shanghai Cooperation Organisation Development Bank," the ministry said.

Sitharaman also met her peers from Poland, Qatar and South Korea, as well as senior representatives of the IMF and World Bank.