India and the EU have said they share fundamental values, have a common interest in ensuring security, prosperity, and sustainable development in a multipolar world, and are committed to deepening their partnership to accelerate the growth and deployment of advanced digital technologies that will benefit both societies.
In a joint statement after the first meeting of the India-EU Trade and Technology Council (TTC), the two sides said they also face a challenging and volatile global political, economic, and security landscape. The meeting, which concluded in Brussels on Tuesday evening, was co-chaired by Executive Vice Presidents Margrethe Vestager and Valdis Dombrovskis on the EU side and External Affairs Minister S. Jaishankar, Commerce and Industry Minister Piyush Goyal, and Rajeev Chandrasekhar, Minister for Skill Development and IT, on the Indian side.
The EU described the two-way trade relationship as a “robust” one, with the 27-member economic union being India’s second-largest trading partner and India being the EU’s tenth-largest trading partner. “Work under the TTC will proceed in parallel to the ongoing negotiations for comprehensive and ambitious agreements on trade, investment protection, and geographical indications, which seek to maximise our considerable, yet largely untapped, trade and investment potential,” the EU said.
“Both partners also committed to seek cooperation on trustworthy artificial intelligence and coordinate their policies with regards to the strategic semiconductor sector through a dedicated memorandum of understanding. They will enhance the interoperability of their respective digital public infrastructures and promote secure, privacy-preserving solutions to the benefit of developing countries,” it said.
The two sides will coordinate their policies with regard to the strategic semiconductor sector with the aim of concluding a Memorandum of Understanding by September 2023, it said. India and the European Union will also work towards bridging the digital skills gap, exploring mutual recognition of certifications, and making progress on the promotion of skilled professionals and the exchange of talent. They will also enhance cooperation on IT and telecoms standardisation, with a particular focus on promoting interoperable standards, the statement said.
The two sides said the rapid changes in the world’s geopolitical environment highlight the need for an even deeper strategic partnership between India and the European Union. The choice of this format reflects the strategic nature both sides attach to their bilateral relationship, the desire to guide their cooperation towards tangible results, and the geopolitical significance of their trade and technology links in the context of a more contested and rapidly evolving international environment.
India and the European Union will undertake quantum and high-performance computing research and development projects that could address climate change, natural hazards, bio-informatics, bio-molecular research, and drug development. In addition, India and the European Union will coordinate within the Global Partnership on Artificial Intelligence (GPAI) and explore bilateral cooperation on trustworthy and responsible artificial intelligence, including in research and innovation, the statement said.
The working groups cover strategic technologies, digital governance, and digital connectivity; green and clean energy technologies; and trade, investment, and resilient value chains. The ministerial meeting marks the second bilateral forum for the EU and forms part of the EU Strategy for Cooperation in the Indo-Pacific.
