The ministerial meetings will be conducted once every year, with the venue alternating between India and the EU.
India and the European Union (EU) declared on Monday the setting up of three working groups under the ‘Trade and Technology Council’ to fortify strategic ties with the trade bloc, as per recent reports. In order to address the fundamental issues, the working group will emphasise key areas like digital governance and connectivity, strategic technologies, investment, trade, supply chain, and green and clean technologies.
“In a rapidly changing geopolitical environment, the EU and India have a common interest in ensuring security, prosperity, and sustainable development based on shared values. The ‘Trade and Technology Council’ will provide the political steer and the necessary structure to coordinate approaches and advance technical work,” the statement said.
The working groups are due to start laying the groundwork for the first convention of the council, which will be held before the next EU-India summit in the spring of this year. Ministerial meetings will be conducted once every year, with the venue oscillating between India and the EU.
The plans for a Technology and Trade Council were formulated by India and the EU last year to counter trade challenges and strengthen technology and security ties. This is the first council that India has setup with any of its partners. On the other hand, this is the EU’s second council, following the one it has with the US.
The Ministry of External Affairs stated, “The Trade and Technology Council is a strategic coordination mechanism that will allow both partners to tackle challenges at the nexus of trade, trusted technology, and security, and, thus, deepen cooperation in these fields between India and the EU.”