India -EU Trade and Technology Council advances collaboration in virtual meeting

New Delhi, Nov 25: A virtual meeting of the India-EU Trade and Technology Council (TTC) unfolded on Friday, showcasing joint efforts to strengthen ties in trade and technology. On the Indian side, External Affairs Minister Dr. S. Jaishankar, Minister of Commerce & Industry Shri. Piyush Goyal, and Minister of Electronics and Information Technology  Ashwini Vaishnaw served as co-chair, while the European side was represented by Executive Vice-President Valdis Dombrovskis and Vice-President Vera Jourova.

An instrumental highlight ahead of the meeting was the signing of a Memorandum of Understanding (MoU) on semiconductors between India and the EU—the MoU, inked by Ashwini Vaishnaw and Thierry Breton, European Commissioner for Internal Markets, aim to enhance the resilience of the semiconductor value chain in both regions. It encompasses cooperation in research and innovation, talent development, partnerships, and the exchange of market information, underlining the shared commitment to fortify semiconductor supply chains and collaborate on innovation.

The Trade and Technology Council was inaugurated by Prime Minister Narendra Modi and the President of the European Commission Ms. Ursula von der Leyen during the latter’s visit to India in April 2022.

The inaugural Ministerial meeting occurred in Brussels on May 16, 2023, where the three working groups under TTC outlined their collaboration on issues ranging from semiconductors to high-performance computing, digital public infrastructures, clean energy technologies, supply chain resilience, and trade matters.

The co-chairs expressed contentment with the advancements in the working groups, particularly in areas such as semiconductors, high-performance computing, digital public infrastructures, electric vehicle batteries and recycling, waste-to-energy, resilient supply chains, and foreign direct investment (FDI) screening. Emphasizing the need to elevate collaboration from research and innovation to practical outcomes/projects, the co-chairs encouraged more intensive stakeholder consultations before the next TTC meeting and the India-EU Summit.

Both sides concurred on scheduling the next TTC meeting in India, back-to-back with the India-EU Summit, at a mutually convenient date early next year, marking a continued commitment to advancing shared goals in trade and technology.