India, EU to Launch Trade and Technology Council to Tackle Challenges

INTERNATIONAL

As a strategic mechanism the ‘Trade and Technology Council’ was established jointly by India and the European Union (EU) by signing the India-EU Trade and technology council agreement. It was established with an aim to address the challenges of ensuring trusted technology and security in the wake of rapid geopolitical changes. With this, India can access advanced technologies and allow the two sides to set standards in crucial areas such as 5G, artificial intelligence, quantum computing, climate modelling and health-related technology.

It was established by Prime Minister Narendra Modi and visiting European Commission President Ursula von der Ley to tackle challenges at the nexus of trade, trusted technology and security and thus deepen cooperation in these fields. The president of the EU was on a two-day visit to India.

This is the EU’s second trade and technology council overall and India’s first council with any other partners. For the first time, the EU formed this council with the United States of America (USA).

The Trade and Technology Council will provide the political steer and the necessary structure to operationalize 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.

The three main topics for this partnership between India and EU are trade, technology and security.

    Important points for the exam:

  • The President of the European Union (EU) Ursula von der Ley is on a two-day visit to India against the backdrop of Russia-Ukraine conflict.
  • During the meeting between the President of EU and Indian Prime Minister, the leaders agreed for the establishment of ‘Trade and Technology Council’.
  • This is the India’s first council with any other body and EU’s second council after formed with USA.
  • The council was established with an aim to address the challenges of ensuring trusted technology and security in the wake of rapid geopolitical changes.

   Facts to know:

  • The European Union (EU) was established in 1993.
  • Total member states of EU: 27.
  • The original member states of the Union: 6 - Belgium, France, Italy, Luxembourg, the Netherlands, and West Germany.
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