Business & Economy

India, EU form bilateral trade and technology council

New Delhi, Feb 6 (EFE).- India, and the European Union on Monday formalized the creation of the Trade and Technology Council, a mechanism to strengthen bilateral trade and exchange of trusted technology and security, establishing three working groups in this regard.

“Rapid changes in the world’s geopolitical environment highlight the need for deeper strategic engagement between India and the European Union (EU). As vibrant democracies, India and the EU share fundamental values and have a common interest in ensuring security, prosperity and sustainable development in a multipolar world,” the Indian foreign ministry said in a statement.

In effect, the two sides highlighted the establishment of three working groups within the framework of the Trade and Technology Council, which was first announced last year during the India visit of European Commission President Ursula von der Leyen.

The first working group Strategic Technologies, Digital Governance and Digital Connectivity will work on joint “scientific and technical capacity building” in areas such as 5G and 6G, artificial intelligence and cybersecurity.

The two sides also announced the establishment of a second group on green and clean energy technologies with “emphasis on research and innovation,” meanwhile the third will study ways to boost trade and bilateral investment, and establish “resilient supply chains.”

The aim of the project is to “deepen the bilateral relationship” of India and the EU and “ensure political commitments are implemented on the ground,” according to the ministry statement.

The council was announced in April 2022, when Von der Leyen met Indian Prime Minister Narendra Modi.

This is the second council of its kind that the EU has established with its allies, apart from the one it maintains with the United States, and the first for India with any country.

The EU is one of the largest investors in India, accounting for 16 percent for the total investments received between 2015 and 2020 (83 billion euros or $89 billion), meanwhile the bilateral trade of goods has growing 41 percent over the last decade, and services exchange in the period jumped 76 percent to stand at $103 billion in 2020. EFE


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