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India, EU launch new body to work on challenges in trade and tech
This marks the first time India has agreed to establish such a council with its partners

India EU

India, along with the EU has agreed to set up a body to tackle trade and tech challenges
Source: Hindustan Times

This Monday, India and the European Union launched the India- EU Trade and Technology Council. It comes across as a strategic mechanism to deal with challenges that arises in the spectrum of trade, security and trusted technology. Crucially, this is the very first time that India has agreed to step in to establish such a council with any of its partner. For the European Union, it is the second one, the first one being the council established with the United States.

Indian Prime Minister Narendra Modi and European Commission President Ursula von der Leyen met to finalise the launch. The agreement on setting up the council was finally reached at this particular meeting between the parties. Moreover the body would additionally deepen the deep sense of cooperation that is already there between the parties with regards to 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 made the announcement of the launch of the council.

This Trade and Technology would give “the political steer,” along with the structure needed “operationalise” decisions on politics, coordinated technical work. Along with it, report to the political level to make sure of “implementation” and the point of following up in certain areas. Mainly, these areas refer to the ones that are crucial for the sustainable growth of the economies of India and Europe. Currently, the two parties are celebrating the 60Th anniversary of the setting of diplomatic relations. Additionally, they showcased their confidence regarding how “shared values,” along with similar interest of the sides offer a rather ‘strong basis” to strengthen the mutually advantageous and “deeper strategic cooperation.”

Moreover, India, along with the European Union, appears focused to multiply joint efforts to deal with new challenges, along with addressing geopolitical situations. The joint statement pointed out how the setting up this council is a crucial step into intensifying a strategic relationship. This would be for the benefit of all citizens of the two sides- India and the EU.

“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,”

Most importantly, this step comes at the time when the two parties have brought back certain engagements. These engagements were mainly for negotiating agreements on geographic indications, trade and investment. Moreover, Von der Leyen has mobed to push for a quick conclusions of these negotiations on all of the three pacts, making sure to finalise a comprehensive trade pact with India.

 

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