India and the EU have set three working groups under the India-EU Trade and Technology Council (TTC). The TTC will deepen strategic engagement on trade and technology between the two partners.
The European Commission in a statement said that in a rapidly changing geopolitical environment, the EU and India have a common interest in ensuring security, prosperity and sustainable development based on shared values. The TTC will provide the political steer and the necessary structure to coordinate approaches and advance technical work, it said.
The focus will be on three key areas: first- strategic technologies, digital governance and digital connectivity, second—clean and green energy and third–trade, investment and resilient value chains.
The EU also noted that its partnership with India is one of the most important relationships for the upcoming decade. In this context, cooperation on research and innovation are important to unlock potential.
In June 2022, India and EU relaunched negotiations for a free trade agreement. The fourth round of talks between the two are expected to take place next month.
Bilateral trade between was more than $116 billion in 2021-22. The EU is India’s second largest trading partner after the US.
The two also launched separate negotiations for an Investment Protection Agreement and an Agreement on Geographical Indications (GIs).