India and the EU committed to deepening their strategic cooperation in critical areas for long-term growth at the first Ministerial Meeting of the India-EU Trade and Technology Council (TTC).
Indian External Affairs Minister (EAM) Dr S. Jaishankar, Minister of Commerce and Industry (CIM) Piyush Goyal, and Minister of State for Electronics and Information Rajeev Chandrasekhar co-chaired the meeting held in Brussels on 16 May.
Just concluded an extremely productive 1st India-EU Trade and Technology Council meeting. Thank European Commission VPs @vestager and @VDombrovskis for hosting the Indian Ministerial delegation.
— Dr. S. Jaishankar (@DrSJaishankar) May 16, 2023
On strategic technologies, digital governance and connectivity; clean and green… pic.twitter.com/bUHkKX9l82
Overview
Executive Vice Presidents of the European Commission for Trade and Competition, respectively, Valdis Dombrovskis and HE Ms Margrethe Vestager, co-chaired the meeting for the European side.
“Today we took an important step in deepening our strategic cooperation with India on key digital, green and trade issues. Together, we will address challenges with trusted technology and security,” Vestager commented.
The council held in-depth discussions on semiconductors, high-performance computing, digital public infrastructures, clean energy technologies, and supply chain resilience.
The CIM also clarified India’s position on the Carbon Borders Adjustment Mechanism (CBAM) laid down by the EU. The TTC discussed trade, investment, strategic technologies, bilateral market access issues, and digital governance.
“As two of the world’s largest democracies and economies, the EU and India have a clear interest in working together at a time when democratic values and the global economy are under pressure,” said Dombrovskis.
TTC aims to help guide the EU-India relationship in facing geopolitical challenges. The two sides also shared strategic views on economic security and connectivity projects in third geographies and reviewed progress in the three working groups of TTC.
Additionally, the Indian ministers met the High Representative and Vice President of the European Commission, Josep Borrell, to discuss the importance of the India-EU partnership. Borrell remarked, “The Trade and Technology Council will allow the EU and India to tackle strategic challenges at the nexus between trade, technology and security, and to deepen their bilateral cooperation.”
EU & India are currently negotiating deals on:
— Valdis Dombrovskis (@VDombrovskis) May 16, 2023
✅Trade
✅Investment Protection
✅Geographical Indications
These agreements will drive our shared ambition.
Our new #EUIndia #TTC will complement & strengthen these agreements.
More in my remarks👉https://t.co/ajnOvTLiA1
1/2 pic.twitter.com/cxlmDrjcpC
AI for Climate Change, MoU on Semiconductors
In a joint statement, the two sides listed the progress made so far, and said that an MoU on semiconductors would be concluded by September 2023.
India and the EU sought cooperation on Artificial Intelligence (AI) and said they would cooperate on quantum computing research to help address challenges like climate change.
“Both sides emphasised the importance of the rules-based international order and full respect for the principles of sovereignty, territorial integrity, transparency, and peaceful resolution of disputes,” the joint statement said.
India and the EU set up the TTC on 6 February 2023 after a meeting between Indian PM Narendra Modi and European Commission President Ursula von der Leyen in April 2022.
The co-chairs will meet again in early 2024 in India to assess progress and decide on future action.