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Abstract

Bilateral trade is the exchange of goods between two nations promoting trade and investment.The two countries will reduce or eliminate tariffs, import quotas, export restraints, and other trade barriers to encourage trade and investment.Due to globalization, International trade between different countries is an important factor in raising living standards, providing employment and enabling consumers to enjoy a greater variety of goods.Bilateral relations between India and Germany are founded on common democratic principles and are marked by a high degree of trust and mutual respect.India was amongst the first countries to establish diplomatic ties with the Federal Republic of Germany after the Second World War.Relations grew significantly following the end of the Cold War and the reunification of Germany.In the last decade, both economic and political interaction between India and Germany has increased significantly.Today, Germany is amongst India's most important partners both bilaterally and in the global context.India is amongst a select group of countries with which Germany has such a high-level Consultations.The 4thIGC was held in Berlin on May 30, 2017 wherein 12 Cooperation documents in various sectors were signed.The 5th IGC, was held in Delhi on Nov. 1, 2019 during which 21 MoUs/Agreements were signed in diverse areas of engagement including some of the new and emerging areas such as Artificial Intelligence, Space, Smart Cities, Urban Green Mobility etc.