The trade and technology Council serves as a diplomatic forum to coordinate trade policy and technology between the European Union and the United States. It is a transatlantic policy body. With a focus on specific policy areas, this council consists of ten working groups for each of them. US President Joe Biden and the European Commission President Ursula von der Leyen formed the council. The initial agenda focused primarily on US-EU cooperation in strategic sectors, technology, trade, market access, democratic values and the rule of law in a global trade order, the digital world, supply chain sustainability, and EU regulatory development. Agendas such as the Digital Services Act, data laws, and cloud regulations were brought into focus.
After a trade partnership with the United States, the European Union is now setting up Trade and Technology Council with India. The council is expected to facilitate the exchange of critical technologies related to various domains, including quantum computing, artificial intelligence, cybersecurity, and semiconductors.
Three working groups are being established under the Trade and Technology Council (TTC)
- The first is on digital governance, strategic technologies, and digital connectivity. They will work jointly on areas of mutual interest such as artificial intelligence, digital connectivity, high performance, 5G/6G, semiconductors, cybersecurity, cloud systems, digital platforms, and digital skills.
- The second one will cover clean and green energy technologies. It will focus on enhancing green technology, which will include investments and standards, emphasising innovation and research.
- And the third working group is for investment, trade, and resilient value chains. Its works will be focused on the resilience of supply chains and access to critical components, raw materials, and energy.
The Ministers for external affairs, commerce and industry, electronics and information technology, and communications will co-chair the Indian side of TTC. From the European side, it will be co-chaired by Executive Vice-President Margrethe Vestager and Valdis Dombrovskis.
As mentioned in The Hindu, the Ministry of External Affairs said, “The TTC is a strategic coordination mechanism that will allow both partners to tackle challenges at the nexus of trade, trusted technology and security, and thus, deepen cooperation in these fields between India and the EU.”
The EU said, “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.” It added, “The TTC will provide the political steer and the structure to coordinate approaches and advance technical work. To lay the groundwork, both sides have agreed to work on critical areas such as connectivity, green technologies, and resilient supply chains.”
In a rapidly changing geopolitical environment, the EU and India share a common interest in building security, prosperity, and sustainable development based on common values. The TCC will align political leadership and approaches and provide the necessary structure to advance technological work. Both sides agreed to work in critical areas such as telecommunications, green technology, and sustainable supply chains to lay the groundwork.
