EU has come to an agreement on a deal with India for an EU Trade and Tech Council in recent times. It is set up to be the first trade and tech council for India with Europe. The Indian Prime Minister, Narendra Modi, and the President of the European Commission, Ursula von der Leyen, have struck a deal to launch the India-EU Trade and Tech Council this week. Let’s dig deep into how effective this EU Trade and Tech Council will be with and is Europe ready to share its cutting-edge technology with India in the nearby future. That a rapid technological change across the world with the advent of cutting-edge technologies like artificial intelligence, cloud computing, data science, and many more. The main aim of this EU Trade and Tech Council is to deepen strategies as steering through operationalizing political decisions and so on. EU and India will make sure to ensure implementation and follow-up in areas crucial for the sustainable progress of the economies of both countries.
EU has stated that India is suitable for this EU Trade and Tech Council, after the US, because it is technologically a powerhouse with enormous untapped potential in the trade sector. This deal will help in addressing the challenges because Europe and India share the common values and interests to offer a strong base to intensify mutually beneficial as well as deeper strategic cooperation.
EU Trade and Tech Council with India is a key step towards strengthening the old-age partnership between Europe and India. It is focused on three key elements— trade, technology, and security between two countries. The main concern is whether Europe is ready to share its sufficient technology with India at the right time. This partnership will help to expand the use of clean energy.With a number of European foreign ministers, diplomats and foreign affairs experts in attendance and European Commission president Ursula von der Leyen being the chief guest of the inaugural session of ‘The Raisina Dialogue’- a multilateral conference on the most pressing geo-political and geo-economic issues, Indo-European ties remained one of the most important topics of the summit.
The conference largely revolved around the measures tipped to strengthen relations between India and EU. Both sides discussed on expanding trade, investments and other issues of importance. In between, Prime Minister Narendra Modi and von der Leyen agreed to institute the EU-India Trade and Technology Council. This is a novel step towards strengthening economic and technological ties between India and EU to bring the two sides closer in the medium term for the benefit of both economies.
EU-India Trade and Technology Council is meant to tackle key trade, economic and technological challenges. As like-minded partners, the European Union and India will be working on several fronts considering the present and future challenges. Both sides have also launched negotiations on a free trade agreement as well as on investment protection and geographical indications. On this occasion, von der Leyen said, for Europe this is a strategic investment in our partnership with India.
The European Union is India’s third most important trade partner. However, the trade between them is far below the potential, which is true for both Indian and European goods and services. Hence, it is considered that EU-India Trade and Technology Council will bring new technologies, new investment and unprecedented integration into shared value chains.
In the long term, a stronger Indo-EU relationship may fortify their strategic relations, shielding them against any hawkish stance of any third party. European Commission chairman clearly said that strengthening and energizing partnership with India is a priority in this upcoming decade.
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