India and the European Union (EU) on Monday agreed to establish a Trade and Technology Council, a strategic mechanism to tackle the challenges of guaranteeing trusted expertise and safety within the wake of speedy geopolitical modifications — a transfer that’s anticipated to deepen their strategic relationship.
The determination to arrange such a council would be the first for India with any of its companions and second for the EU, following the primary one with the US.
“Both sides agreed that rapid changes in the geopolitical environment highlight the need for joint in-depth strategic engagement. 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 that are important for the sustainable progress of European and Indian economies,” stated a joint assertion.
The announcement comes within the backdrop of European Commission President Ursula von der Leyen’s two-day go to to the nationwide Capital beginning April 24. This was her go to to India in her present function.
The settlement on the launch of the council was reached at a gathering between Prime Minister Narendra Modi and the president of the European Commission on Monday morning.
“Strengthening the EU-India partnership is a key priority for this decade. We will step up cooperation in trade, technology, and security. This is why I’m pleased that (Narendra) Modi and I will establish an EU-India Trade and Technology Council,” she tweeted.
Both leaders additionally reviewed the progress of the commerce talks, with India and the EU having restarted negotiations to strike a complete free commerce deal and an funding settlement.
The subsequent spherical of commerce talks between India and the EU are anticipated to happen in June, after the World Trade Organization’s twelfth ministerial assembly. Earlier this month, a staff of officers, led by Commerce Secretary B V R Subrahmanyam, was in Brussels to hammer out a framework for a commerce settlement.
This was adopted by EU parliamentarians’ go to to India to additional the talks.
“The EU and India are bound by decades of close partnership and are determined to increase joint efforts to tackle current challenges and address geopolitical circumstances,” added the joint assertion.
The assembly additionally occurred amid ongoing battle in Eastern Europe, with the Western nations attempting to strain India into condemning Russia for invading Ukraine. So far, India’s stance on the battle has been impartial.
Separately, talking on the inaugural session of the multilateral flagship convention on geopolitics and geoeconomics — Raisina Dialogue — von der Leyen stated that the result of Russia’s warfare on Ukraine is not going to solely decide Europe’s future, but in addition have an effect on the Indo-Pacific area and the remainder of the world. Russia’s aggression in direction of Ukraine can be seen as a direct risk to Europe’s safety.
“Countries battered by two years of the Covid-19 pandemic must now deal with rising prices for grain energy and fertiliser as a direct result of (Vladimir) Putin’s war of choice. The outcome of the war will not only determine the future of Europe, but also deeply affect the Indo-Pacific region and the rest of the world. We want a positive vision for a peaceful and prosperous Indo-Pacific region. The region is home to half of the world’s population and 60 per cent of global GDP,” she stated.