The first ministerial-level meeting of the India-EU trade and technology council (TTC) took place on May 16 in Brussels.
A joint statement released by the two trade partners during the meeting said that India and the European Union will cooperate on quantum and high-performance computing research and development projects to help address challenges including climate change.
The meeting, as per an official statement by the EU, centred discussions around strategic technologies, digital governance, connectivity; clean and green energy technologies as well as trade, investment and building of resilient value chains.
During the meeting, both regions also committed to seek cooperation on trustworthy Artificial Intelligence and coordinate their policies with regard to the strategic semiconductors sector through a dedicated Memorandum of Understanding.
They will work together on bridging the digital skills gap and promoting exchange of digital talent. “Both partners will engage on 5G, telecoms and Internet of Things standardisation, which will enhance the interoperability of their respective digital public infrastructures,” the statement read.
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Further, the two countries will focus on wastewater management, including plastic litter and waste to hydrogen; recycling of batteries for e-vehicles and standards through pre-normative research.
On trade, the two countries have agreed to deepen their common work on resilient value chains, work to resolve bilateral market access issues and exchange information on each other's mechanisms on foreign direct investment screening.
They will also address global and multilateral trade issues, with particular emphasis on the World Trade Organization.
“The two sides have also agreed to intensify their engagement on carbon border measures,” the statement read.
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Work under the TTC will proceed in parallel to the ongoing negotiations for comprehensive and ambitious agreements on trade, investment protection and geographical indications, which seek to maximise our considerable – yet largely untapped – trade and investment potential.
Commerce Minister Piyush Goyal co-chaired the TTC along with external affairs minister S. Jaishankar and Minister of State for electronics and information technology Rajeev Chandrasekhar.
In the joint statement, it has been announced that the TTC will take place at least once a year, with the venue alternating between the EU and India.
“Working groups will meet regularly in the meantime, to deliver on the abovementioned political priorities. The next ministerial meeting is planned for early 2024 in India,” the statement further added.
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