India and the European Union (EU) on Monday established a new Trade and Technology Council (TTC) that will give New Delhi access to advanced technologies and allow the two sides to set standards in crucial areas such as 5G and artificial intelligence.
This is only the second such body created by the 27-member EU, following the first one set up with the US. It is also the first time India has set up a trade and technology body with any of its international partners.
The two sides set up three working groups under the TTC that will focus on strategic technologies, green and clean energy technologies, and trade, investment and resilient value chains, according to a joint statement.
The working groups will meet within two weeks to prepare for the first meeting of the TTC, which will be held before the next India-EU Summit.
People familiar with the matter said the move is aimed at creating alternative supply chains and reducing reliance on China for critical and sensitive technologies. The TTC will facilitate work by the two sides to define norms and set standards for sensitive technologies.
“Rapid changes in the world’s geopolitical environment highlight the need for deeper strategic engagement between India and the EU as vibrant democracies, particularly in the fields of trade and technology,” the joint statement said.
{{/usCountry}}“Rapid changes in the world’s geopolitical environment highlight the need for deeper strategic engagement between India and the EU as vibrant democracies, particularly in the fields of trade and technology,” the joint statement said.
{{/usCountry}}The TTC will act as a high-level coordination platform to “take this common work forward” and it will allow India and the EU to “tackle strategic challenges at the nexus of trade, trusted technology and security”, the joint statement added.
The TTC will “provide the political steer and the necessary structure to coordinate approaches and advance technical work”, and both sides will work on critical areas such as connectivity, green technologies and resilient supply chains, according to a statement from the EU.
The working group on strategic technologies, digital governance and digital connectivity will focus on digital connectivity, AI, 5G and 6G, quantum computing, semiconductors, cloud systems, cybersecurity, digital skills and digital platforms.
The working group on green and clean energy will focus on investment and standards for green technologies, with emphasis on research and innovation. Among the areas to be explored by this group are clean energy, circular economy, waste management, plastic, and litter in the ocean.
The third working group on trade, investment and resilient value chains will work on resilience of supply chains and access to critical components, energy and raw materials. It will work to remove trade barriers and global trade challenges by promoting cooperation at multilateral forums. It will also focus on promoting global standards and cooperation on global geopolitical challenges.
The decision to launch the TTC was taken by Prime Minister Narendra Modi and European Commission President Ursula von der Leyen during her visit to India in April 2022.
The TTC will be co-chaired on the Indian side by external affairs minister S Jaishankar, commerce minister Piyush Goyal and electronics and IT minister Ashwini Vaishnaw, and on the EU side by executive vice-presidents Margrethe Vestager and Valdis Dombrovskis.