EU hopes to utilize India's technological potential

To ensure closer links, a new trade organization was established.



In a joint statement released on Monday, Indian Prime Minister Narendra Modi and European Commission President Ursula von der Leyen announced that India and the EU had decided to establish a new Trade and Technology Council (TTC), a regulatory body that would work to increase cooperation between the nations.


Since India is a technical powerhouse, von der Leyen added in the statement, "I am glad that today Prime Minister Modi and I have decided to form an EU-India Trade and Technology Council... because in the trade sector we need to unleash a tremendous amount of untapped potential."


With a "strategic coordinating framework," the council is anticipated to enable both parties to "address difficulties at the nexus of commerce, trusted technology, and security, and thereby increase collaboration between the EU and India in these domains." Furthermore, it is anticipated to "provide the political steer and the necessary structure to operationalize political decisions, coordinate technical work... [and] ensure [the] implementation and follow-up" of initiatives deemed crucial for the "sustainable progress of the Indian and European economies."


"Our relationship is more crucial than ever today. We share so many things. We both have strong economies, we both embrace the rules-based international system entirely, and we both live in vibrant democracies that are contending with a difficult global environment. Strengthening our connection with India is a priority for the European Union since it is one of our most crucial relationships for the upcoming ten years, the official said. She named trade, climate change, and security cooperation as the three primary areas of attention.


For India, it is a first of its sort, but the EU already has a system in place with the US. Analysts believe that the most recent development is the result of European officials' persistent efforts to expand relations with India in light of the Ukrainian issue. India has resisted calling for an end to relations with Moscow and denouncing Russia's military incursion in the neighboring country, even as the EU has slapped Moscow with harsh economic penalties over the past two months.


According to experts, Brussels may utilize the recently formed connections to persuade New Delhi to cut ties with Russia. Subrahmanyam Jaishankar, the foreign minister of India, stated that he and von der Leyen "exchanged views on the economic and political ramifications of the Ukraine war" after their meeting, but he did not elaborate.


Von der Leyen reports that the EU and India also intend to start talks on free trade and investment agreements very soon.


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