India- EU Trade and Technology Council, 1st Ministerial Meeting to be Held in Brussels

India- EU Trade and Technology Council: It is a platform for India and the European Union (EU) to discuss issues related to trade and technology cooperation. India- EU Trade and Technology Council is also important for UPSC Prelims Exam and UPSC Mains Exam (GS Paper 2- International Relations, Promoting Trade and Development between India and other countries/groupings like EU, ASEAN, etc).

India- EU Trade and Technology Council in News

The first Ministerial meeting of India- European Union Trade and Technology Council (TTC) is scheduled to take place in Brussels, Belgium on 16th May 2023.

India- EU Trade and Technology Council Meeting

The formation of the Trade and Technology Council (TTC) was announced in April 2022, during a meeting in New Delhi between Prime Minister Shri Narendra Modi and H.E. Ms. Ursula von der Leyen, President of the European Commission.

• Mandate: The primary aim of the India- EU TTC is to establish a high-level coordination platform to address strategic challenges related to the intersection of trade, trusted technology, and security.
• Co-Chair: Union Minister for Commerce & Industry, Textiles, Consumer Affairs, Food & Public Distribution, Shri Piyush Goyal is one of the co-chairs along with External Affairs Minister (EAM) and Union Minister of State for Electronics and Information Technology (MeitY).
  • The EU side is co-chaired by Executive Vice Presidents Mr. Dombrovskis and Ms. Vestager.
• Working Groups: The following three Working Groups under the mechanism will report on roadmaps for future cooperation between the two sides-
  • Working Group on Strategic Technologies, Digital Governance and Digital Connectivity,
  • Working Group on Green and Clean Energy Technologies and
  • Working Group on Trade, Investment and Resilient Value Chains.

India- EU TTC Working Groups

Ministerial meetings of the TTC will rely on the preparatory work of three working groups, which will meet within two weeks to organise their work:

• Strategic technologies, digital governance and digital connectivity: the group will work jointly on areas of mutual interest such as digital connectivity, Artificial Intelligence, 5G/6G, high performance and quantum computing, semiconductors, cloud systems, cybersecurity, digital skills and digital platforms.
• Green & clean energy technologies: this group will focus on green technologies, including investment and standards, with emphasis on research and innovation. Areas to be explored could be clean energy, circular economy, waste management, plastic and litter in the ocean. It will also foster cooperation between EU and Indian incubators, SMEs and start-ups.
• Trade, investment and resilient value chains: the group will work on the resilience of supply chains and access to critical components, energy, and raw materials. It will also work to resolve identified trade barriers and global trade challenges by promoting cooperation in multilateral fora. It will work towards promotion of international standards and cooperation on addressing global geopolitical challenges.

India- EU TTC Meeting Focus Areas

There will be three working groups under the India- EU TTC Meeting discussions. The first ministerial meeting will lay the roadmap for the cooperation under all three working groups and provide direction to achieve desired outcomes before the next ministerial meeting in the coming year.

• During the high level meetings with senior leadership of the European Union as well as Belgium, Indian leadership will discuss various issues of mutual interest including-
  • Ongoing negotiations for Free Trade Agreement (FTA),
  • Addressing issues of mutual market access,
  • WTO reforms as well as
  • Cooperation in several areas of mutual interests.

India-EU Free Trade Agreement (FTA): Negotiations Re-launched

India-EU Free Trade Agreement (FTA): Negotiations Re-launched

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