Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

India-EU Trade, Technology Council To Hold 1st Meet Next Week In Brussels

India-EU Trade, Technology Council To Hold 1st Meet Next Week In Brussels

The EU side is co-chaired by Executive Vice Presidents (EVPs) Dombrovskis and Vestager.
The first ministerial level meeting of India-European Union Trade and Technology Council (TTC) will be held on May 16 in Brussels to discuss ways to increase cooperation in strategic technologies, digital connectivity, clean energy, trade and investments, an official statement said on Sunday.

Commerce and industry minister Piyush Goyal is one of the co-chairs along with external affairs minister S Jaishankar and Union minister of state for electronics and information technology Rajeev Chandrasekhar, the commerce ministry said in a statement.

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

It said that three working groups under the mechanism will report on roadmaps for future cooperation between the two 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 meetings with senior leadership of the European Union as well as Belgium various issues would come up for discussions and that include ongoing negotiations for Free Trade Agreement (FTA), addressing issues of mutual market access, reforms in the World Trade Organisation (WTO).

The working group on trade, investment and resilient value chains is steered by the Department of Commerce and the first meeting 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 announced by Prime Minister Narendra Modi and Ursula von der Leyen, President of the European Commission in New Delhi, in April, 2022 with the objective of creating a high-level coordination platform to tackle strategic challenges at the nexus of trade, trusted technology and security.

The ministry said that on May 15, Mr Goyal will have a bilateral meeting with EVP Dombrovskis followed by stakeholder consultations in the presence of business leaders of both the sides.

He would also participate in a meeting which would involve a discussion over the economic footprint of Belgium enterprises in India along with further plans of investments in India.

Besides, the three Indian ministers would also call on the Belgian prime minister as well as the president of the European Commission.

On May 16, Mr Goyal will attend a stakeholder event for working groups 1 and 2. Group 1 focuses on digital governance and connectivity while Group 2 deals with clean and green energy technologies.

He will also hold a bilateral meeting with European Commissioner for Internal Trade Thierry Breton, wherein issues pertaining to the SME sector, startup ecosystem and e-commerce will be deliberated upon.

India had started negotiations for a trade pact with the EU in 2007 but the talks stalled in 2013 as both sides failed to reach an agreement on key issues, including customs duties on automobiles and spirits and the movement of professionals.

India's merchandise exports to EU member countries stood at about USD 65 billion in 2021-22, while imports aggregated at USD 51.4 billion.

In 2022-23, the exports aggregated at USD 67 billion, while imports stood at USD 54.4 billion in the last fiscal.

The EU accounts for 16.4 per cent share in India's exports and about 8.3 per cent share in imports in the last financial year.
Newsletter

Related Articles

0:00
0:00
Close
A Week of Turmoil: Key Moments in US Politics
Erdogan Challenges NATO Stance at 75th Anniversary Meeting
Hungary's Orban Shakes Up EU Leadership
German National Sentenced to Death in Belarus
Elon Musk's Companies Drop CrowdStrike After Global Windows 10 Outage
Trump Pledges to End Ukraine Conflict if Reelected
Global IT Outage Unveils Digital Vulnerabilities
US Criticizes International Court's Opinion on Israeli Occupation
EU’s Patronizing Attitude Towards Africa Revealed
Ukraine to Receive First One and a Half Billion Dollars of Seized Russian Funds
Netanyahu Denounces World Court Ruling on Israeli Occupation
Massive Flight Cancellations Across the U.S. Due to Microsoft Outage
Russia Accuses Ukraine of Using Chemical Weapons
Ursula von der Leyen Wins Second Term as European Commission President
Police Officer Injured in Attack in Central Paris
Record Heat Temperatures in Ukraine Amid Power Crisis
Japan to Allocate $3.3 Billion to Ukraine Using Frozen Russian Assets
EU Parliament Condemns Hungarian PM's Russia Visit
FBI Struggles to Find Motive Behind Trump Shooting Incident
Kremlin Criticizes EU Rejection of Orban’s Ukraine Peace Proposal
Russia's Electronic Warfare Neutralizes Western Weapons in Ukraine
Trump Challenges Biden to Debate and Golf Match
Macron Accuses Israeli Minister of Election Interference
US Senator Highlights Weaknesses in Western Military Industry During Ukraine Conflict
George Clooney Urges Biden to Withdraw from Presidential Race
Political Shift in the UK: A Detailed Analysis of Labour's Victory and Future Prospects
Viktor Orbán's Peace Mission: A Diplomatic Controversy in the EU
India Advocates Peace and Prosperity: PM Modi's Speech in Austria
New UK PM Keir Starmer Reaffirms Strong Support for Ukraine at NATO Summit
Spain PM Pedro Sanchez Denounces Double Standards on Gaza at NATO Summit
Sunita Williams Safe on ISS, to Address Earth on July 10
Biden Affirms Commitment To Presidential Race
France Faces Political Turmoil and Airport Strikes Ahead of Paris Olympics 2024
Putin Hosts PM Modi for a Private Meeting
Boeing Pleads Guilty Over 737 MAX Crashes
2024 Predicted to Be World's Hottest Year
White House Denies Biden Being Treated for Parkinson's Disease
Biden to Meet New UK Prime Minister Keir Starmer
Biden Insists on Continuing Presidential Race Amid Criticism
UK Defence Minister Pledges Enhanced Support to Ukraine
French Prime Minister Gabriel Attal Resigns After Election Setback
Macron Faces New Political Challenges Despite Election Relief
France's Far-Right Falls Short in Parliamentary Elections
Key Figures in France's Left-Wing New Popular Front Bloc
Voter Discontent in Recent UK and French Elections
EU Charges Meta with Breaching Antitrust Rules
French Elections: Battle to Thwart Far-Right Takeover
Belgrade Police Arrest Man with Crossbow Following Embassy Attack
Hunter Biden Sues Fox News Over 'Revenge Porn' Allegations
Far-Right Gains in French Legislative Elections Challenge Macron's Rule
×