India and the EU have set up a new Trade and Technology Council (TTC), with a focus on trade, investment & value chains, digital economy and clean technology.
This follows the announcement by President of the European Commission Ursula von der Leyen and Prime Minister of India, Narendra Modi, on 25 April 2022 in New Delhi.
“It will allow India and the EU to tackle strategic challenges at the nexus of trade, trusted technology and security, and to deepen their bilateral relationship and help implement political commitments in these fields,” according to a joint statement on the TTC issued by the two sides on Monday.
Working groups
Three working groups on strategic technologies, digital governance and digital connectivity; green and clean energy technologies; and trade, investment and resilient value chains, have been established under the TTC.
“The working groups will now start preparing for the first meeting of the TTC, which will take place before the next India-EU Summit,” the joint statement said.
The TTC will be co-chaired on the EU side by Executive Vice-Presidents Margrethe Vestager and Valdis Dombrovskis, and on the Indian side by Minister of External Affairs S Jaishankar, Minister of Commerce and Industry Piyush Goyal, and Minister of Electronics and Information Technology Ashwini Vaishnaw, according to a statement issued by the EC.