EU Sets Up Trade & Technology Council With India

India and the European Union on Monday announced setting up of a new Trade and Technology Council (TTC) that is expected to facilitate exchange of critical technologies relating to an array of domains, including artificial intelligence, quantum computing, semiconductors and cybersecurity.

The TTC with India is the European Union's second such technology partnership after the first one with the United States that was firmed up in June 2021.

"The TTC 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," the Ministry of External Affairs (MEA) said.

Under the TTC, three working groups have been established.

The first working group is on strategic technologies, digital governance and digital connectivity while the second one will cover green and clean energy technologies. The third working group is on trade, investment and resilient value chains.

The TTC will be co-chaired on the Indian side by the ministers for external affairs, commerce and industry, and communications, electronics and information technology.

The formation of the new mechanism follows the announcement on it by Prime Minister Narendra Modi and European Commission President Ursula von der Leyen on April 25 last year.

It will be co-chaired on the EU side by Executive Vice-Presidents Margrethe Vestager and Valdis Dombrovskis.

"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 EU said in a statement.

"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," it said.

The ministerial meetings of the TTC will rely on the preparatory work of the three working groups, which will meet within two weeks to focus on their work.

The working group on strategic technologies, digital governance and digital connectivity will work jointly 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 group on green and clean energy technologies 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 EU and Indian incubators, SMEs and start-ups," the EU said in a statement.

The group on trade, investment and resilient value chains will work 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 ministerial meetings of the TTC will take place at least once a year, with the venue alternating between the EU and India.

"As of today, the three working groups are established and will begin their cooperation. The first EU-India ministerial meeting is planned to be held in spring 2023," the EU said.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)