India becomes 2nd country to launch Trade and Technology Council with EU

The European Union has also set up only one such Trade and Technology Council before and that is with the United States.

India becomes 2nd country to launch Trade and Technology Council with EU
India becomes 2nd country to launch Trade and Technology Council with EU

India-EU Trade and Technology Council: Prime Minister Narendra Modi held bilateral talks with European Commission President Ursula von der Leyen in New Delhi on April 25, 2022 and agreed to launch the EU-India Trade and Technology Council to strengthen the strategic partnership. The two leaders also reviewed progress in the vibrant India-EU Strategic Partnership & agreed to deepen cooperation in areas of trade, climate, digital technology & people-to-people ties.

The European Commission President said on the occasion, "The EU has only one Trade and Technology Council in place and that is with the US. I think, therefore, it is time that it is so important for us to put up a second Trade and Technology Council with India. We have India as a technological powerhouse."

She further noted that this year marks the 60th anniversary of the EU-India relationship and said, "I think this relationship is today more important than ever. We're vibrant democracies, large economies & have a lot in common but we are also facing a challenge. So, I appreciate this meet." Both India and EU agreed on the need for a joint in-depth strategic engagement amid rapid changes in the geopolitical environment highlight.

India-EU Trade and Technology Council: Top 5 Things To Know

1. The Trade and Technology Council is the first such mechanism that India has set up with any of its partners.

2. The European Union has also set up only one such Trade and Technology Council before and that is with the United States.

3. The EU-India Trade and Technology Council will allow both India and the European Union to tackle challenges related to trade, trusted technology and security and further deepen cooperation in these fields.

4. The council will provide the political push and the necessary structure to operationalise political decisions.

5. It will also coordinate technical work and ensure implementation and follow-up in areas important for the sustainable progress of European and Indian economies.

Significance

The establishment of the India-EU Trade and Technology Council will be a key step towards a strengthened strategic partnership for the benefit of all peoples in the EU and India.

The European Commission President had participated in the Raisina Dialogue earlier today and met External Affairs Minister (EAM) S Jaishankar and discussed ways to take the India-EU partnership forward and even exchanged views on the impact of the Ukraine conflict. She had also visited Rajghat to pay respect to Mahatma Gandhi.

Read Also: PM Narenndra Modi honoured with first Lata Deenanath Mangeshkar Award

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