EU and India have reinforced their strategic partnership by establishing a new Trade and Technology Council to increase strategic engagement on trade and technology.
The European Union (E.U.) and India have strengthened their relationship as strategic partners by setting up a new Trade and Technology Council (TTC) to deepen strategic engagement on trade and technology.
This follows the announcement by President of the European Commission – Ursula von der Leyen and Prime Minister of India – Narendra Modi, on April 25, 2022, in New Delhi.
It will be co-chaired by Executive Vice-President of the European Commission for a Europe fit for the Digital Age (Competition) – Margrethe Vestager and European Trade Commissioner – Valdis Dombrovskis, Minister of External Affairs – Subrahmanyam Jaishankar, Minister of Commerce and Industry – Piyush Goyal and Minister of Electronics and Information Technology – Ashwini Vaishnaw.
In a rapidly changing geopolitical environment, the E.U. and India have a common interest in ensuring security, prosperity and sustainable development based on shared values. The TTC will provide the political steer and the necessary structure to coordinate approaches and advance technical work. To lay the groundwork, both sides have agreed to work on critical areas such as connectivity, green technologies and resilient supply chains.
Taking it to twitter, Vestager tweeted,
Today we launch the 🇪🇺🇮🇳 Trade & Technology Council! The world’s 2 largest democracies cooperating on #tech that lifts people up, secure connectivity & innovating for a green future. Looking fwd! @VDombrovskis @DrSJaishankar @PiyushGoyal @AshwiniVaishnaw https://t.co/6WSWIb9A75 pic.twitter.com/snbdeEkNoO
— Margrethe Vestager (@vestager) February 6, 2023
The Ministerial meetings of the TTC will rely on the preparatory work of 3 working groups, which will meet within 2 weeks to organize their work. The first working group is of strategic technologies, digital governance and digital connectivity and will focus on areas of mutual interest such as digital connectivity, Artificial Intelligence, 5G/6G, high performance and quantum computing, semiconductors, cloud systems, cybersecurity, digital skills and digital platforms.
The second working group is of green and clean energy technologies, and it will focus on green technologies, including investment and standards, with emphasis on research and innovation. Areas to be explored could be clean energy, circular economy, waste management, plastic and litter in the ocean. It will also foster cooperation between E.U. and Indian incubators, SMEs and start-ups.
The third working committee is of trade, investment and resilient value chains and it will focus on the resilience of supply chains and access to critical components, energy, and raw materials. It will also work to resolve identified trade barriers and global trade challenges by promoting cooperation in multilateral fora. It will work towards promotion of international standards and cooperation on addressing global geopolitical challenges.
The 3 strands of bilateral negotiations on trade, investment and geographical indications will continue separately from the TTC. The High-level Trade & Investment Dialogue will remain the principal organ for steering these negotiations. In addition, the E.U. – India High-level Digital Investment Forum (DIF) may be organised on the margins of the first TTC Ministerial meeting.
The Ministerial meetings of the TTC will take place at least once a year, with the venue alternating between the E.U. and India. The first E.U. – India ministerial meeting is planned to be held in spring 2023.
