India and the European Union (EU) on Monday agreed to establish a Trade and Technology Council, a strategic mechanism to address the challenges of ensuring trusted technology and security in the wake of rapid geopolitical changes — a move that is expected to deepen their strategic relationship.
The decision to set up such a council will be the first for India with any of its partners and second for the EU, following the first 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,” said a joint statement.
The announcement comes in the backdrop of European Commission President Ursula von der Leyen’s two-day visit to the national Capital starting April 24. This was her visit to India in her current role.
The agreement on the launch of the council was reached at a meeting 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 also reviewed the progress of the trade talks, with India and the EU having restarted negotiations to strike a comprehensive free trade deal and an investment agreement.