First meeting of India-EU trade & technology council at Brussels on May 16

The first ministerial degree assembly of India-European Union Trade and Technology Council (TTC) can be held on May 16 in Brussels to debate methods to extend cooperation in strategic applied sciences, digital connectivity, clear vitality, commerce and investments, an official assertion stated on Sunday. Commerce and trade minister Piyush Goyal is likely one of the co-chairs together with exterior affairs minister S Jaishankar and union minister of state for electronics and knowledge expertise Rajeev Chandrasekhar, the commerce ministry stated in a press release.

The EU aspect is co-chaired by Executive Vice Presidents (EVPs) Dombrovskis and Vestager.

It stated that three working teams underneath the mechanism will report on roadmaps for future cooperation between the 2 sides — Working Group on Strategic Technologies, Digital Governance and Digital Connectivity; Working Group on Green and Clean Energy Technologies; and Working Group on Trade, Investment and Resilient Value Chains.

“The first ministerial meeting will lay the roadmap for the cooperation under all three working groups and provide direction to achieve desired outcomes before the next ministerial meeting in the coming year,” it added.

During the high-level conferences with senior management of the European Union and Belgium, varied points would come up for dialogue, together with ongoing negotiations for Free Trade Agreement (FTA), addressing problems with mutual market entry, reforms within the World Trade Organisation (WTO).

The working group on commerce, funding and resilient worth chains is steered by the Department of Commerce and the primary assembly of the working group was co-chaired by commerce secretary Sunil Barthwal and Sabine Weyand, Director General for Trade, from respective sides.

The formation of the TTC was introduced by Prime Minister Narendra Modi and Ursula von der Leyen, President of the European Commission in New Delhi, in April 2022 with the target of making a high-level coordination platform to sort out strategic challenges on the nexus of commerce, trusted expertise and safety. The ministry stated that on May 15, Goyal can have a bilateral assembly with EVP Dombrovskis adopted by stakeholder consultations within the presence of business leaders of either side.

He would additionally take part in a gathering that may contain a dialogue over the financial footprint of Belgium enterprises in India together with additional plans of investments in India.

Besides, the three Indian ministers would additionally name on the Belgian prime minister in addition to the president of the European Commission.

On May 16, Goyal would attend a stakeholder occasion for working teams 1 and a couple of. Group 1 focusses on digital governance and connectivity whereas Group 2 offers with clear and inexperienced vitality applied sciences.

He will even maintain a bilateral assembly with European Commissioner for Internal Trade Thierry Breton, whereby points pertaining to the SME sector, startup ecosystem and e-commerce can be deliberated upon.

India had began negotiations for a commerce pact with the EU in 2007 however the talks stalled in 2013 as either side failed to achieve an settlement on key points, together with customs duties on cars and spirits and the motion of pros.

India’s merchandise exports to EU member nations stood at about $65 billion in 2021-22, whereas imports aggregated at $51.4 billion.

In 2022-23, the exports aggregated at $67 billion, whereas imports stood at $54.4 billion within the final fiscal.

The EU accounts for a 16.4% share in India’s exports and about an 8.3% share in imports within the final monetary 12 months.

Stay on prime of expertise and startup news that issues. Subscribe to our every day e-newsletter for the most recent and must-read tech news, delivered straight to your inbox.