India and the European Union (EU) on Monday launched the India-EU Trade and Technology Council, a strategic mechanism to tackle challenges at the nexus of trade, trusted technology, and security.
This is the first time that India has agreed to set up such a trade and technology council with any of its partners. For the EU, it is only the second such body, following the first one set up with the US.The agreement on launching the council was reached at a meeting between Prime Minister Narendra Modi and European Commission President Ursula von der Leyen. The body will also deepen cooperation between the two sides on trade and technology.
“Both sides agreed that rapid changes in the geopolitical environment highlight the need for joint in-depth strategic engagement,” said a joint statement that announced the launch of the council.The Trade and Technology Council will “provide the political steer and the necessary structure to operationalise political decisions, coordinate technical work, and report to the political level to ensure implementation and follow-up in areas” important for the sustainable progress of the Indian and European economies.
The two sides, celebrating the 60th anniversary of the establishment of diplomatic relations, expressed confidence that the “shared values and common interests of the EU and India offer a strong basis to intensify mutually beneficial and deeper strategic cooperation”.
India and the EU are also determined to increase joint efforts to tackle current challenges and address geopolitical circumstances, the joint statement said. “Establishing the EU-India Trade and Technology Council is a key step towards a strengthened strategic partnership for the benefit of all peoples in the EU and India,” it added.The move comes at a time when India and the EU have revived engagements for negotiating agreements on trade, investment, and geographic indications. Von der Leyen has made a push for a speedy conclusion of the negotiations on all three pacts in order to finalise a comprehensive trade deal with India.
